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- Bed Bath & Beyond announced on Monday that its CEO, Steven Temares, would be stepping down from the company.
- The news comes after a group of activist investors slammed the company’s leadership and called for Temares’ resignation.
- Bed Bath & Beyond has already shuffled its board of directors and is in the midst of executing a turnaround plan.
- Visit Business Insider’s homepage for more stories.
Bed Bath & Beyond announced Monday that its CEO would be stepping down from the company, weeks after a group of activist investors released a brutal presentation that called for his resignation.
CEO Steven Temares, who has held the position since 2003, will be replaced by Mary Winston in the interim while the company searches for a permanent CEO. Temares has also stepped down from the board.
Bed Bath & Beyond has already switched up its board. Five directors stepped down in April and were replaced by new directors, including Winston.
"It has been a privilege to serve with my fellow associates … It has always been, and will always be, about our people. There are truly no words to adequately express my gratitude to them and I will miss them immensely. I continue to trust in them and look forward to great accomplishments in the years to come," he said in a statement to the press on Monday.
Bed Bath & Beyond has come under intense pressure from a group of activist investors in recent months as sales have slipped, and it has been accused of failing to adapt to the changing retail environment and compete with online sellers.
In a brutal 168-slide presentation, these investors called for a shake-up of leadership and requested that it replace Temares and the company’s entire board of directors.
The company did not address whether the investors’ demands were factored into Temares’ decision to announce his resignation.
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SEE ALSO: An activist investor group is slamming Bed Bath & Beyond for selling ‘garbage cans galore’
Source: Business Insider – feedback@businessinsider.com (Mary Hanbury)