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Bed Bath & Beyond announced that Steven Temares has stepped down as Chief Executive Officer and resigned from the board of Bed Bath & Beyond. A group of activist investors — Legion Partners, Macellum Capital Management, and Ancora Advisors — released a brutal presentation in late April slamming Bed Bath & Beyond's leadership for everything from executive compensation to clutter in stores' aisle.
Mary Winston, a seasoned public company executive who recently joined the Bed Bath & Beyond Board of Directors, has been appointed Interim Chief Executive Officer, effective immediately. Winston most recently served as Executive Vice President and Chief Financial Officer at Family Dollar Stores. She started her career as a CPA and auditor at Arthur Andersen & Co. and received an MBA in Finance, Marketing and International Business from Northwestern University's Kellogg Graduate School.
Patrick Gaston, Independent Chairman of the Bed Bath & Beyond Board, said: "Bed Bath & Beyond has a significant opportunity to drive value creation by building on its great brands and strong customer affinity. As the Company continues its efforts to improve its financial performance and enhance its competitive position, the Board determined that now is the right time to identify the next generation of leadership. We are fortunate to have someone of Mary's caliber to serve as Interim CEO while the Board conducts a search for a permanent successor, and are confident in her ability to lead the Company forward during this transition period."
The Board has formed a CEO search committee to identify a permanent CEO and will retain an executive search firm to assist in the search process.