Bed Bath & Beyond Chief Executive Steven Temares Steps Down

By Colin Kellaher

Bed Bath & Beyond Inc. (BBBY) on Monday said Steven Temares has stepped down as chief executive and a member of the board as a group of activist shareholders continues to press for changes at the retailer.

The Union, N.J., company said Mary Winston, who recently joined the board in an April overhaul, will serve as interim CEO.

Bed Bath & Beyond said its board has formed a committee to identify a permanent CEO, adding that it will hire an executive search firm to assist with the process. The company said it will seek a new chief with "transformation and innovation experience in the retail sector."

Bed Bath & Beyond, which has faced criticism from activist investors Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC, in April named five new independent directors, including Ms. Winston, and pledged to review its operations.

The retailer said Andrea Weiss, also one of the new directors, will chair the board's business transformation and strategy review committee.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 13, 2019 08:40 ET (12:40 GMT)

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