Bed Bath & Beyond Chief Executive Steps Down

By Micah Maidenberg

Bed Bath & Beyond Inc. Chief Executive Steven Temares has stepped down from his role with the struggling retailer after facing pressure from a trio of activist investors over the company's performance in recent years.

Mr. Temares, who also resigned as a director, had led the home-goods seller since 2003. But in March, three investors in the company -- Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC -- called for his ouster, claiming the company failed to adapt its business model as consumers increasingly turn to e-commerce.

The investor group also nominated a slate of directors to overhaul Bed Bath & Beyond's board and called for the company to better merchandise its stores and rein in costs.

The last fiscal year also marked its first annual loss since it went public in 1992. The retailer had reported falling same-store sales growth in recent years and missed revenue targets.

Efforts to reach Mr. Temares on Monday weren't immediately successfully.

The Union, N.J., company said Monday that Mary Winston, who recently joined the board in an April overhaul, will serve as interim CEO. Ms. Winston has served in executive roles at Family Dollar, now part of Dollar Tree Inc., and grocery chain Giant Eagle Inc., Bed Bath & Beyond said in a statement. The company said its board is searching for a permanent replacement as CEO.

Bed Bath & Beyond also said that retail executive Andrea Weiss, who recently joined its board, will chair a board committee meant to examine how the company can transform the business.

"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, " Bed Bath & Beyond Chairman Patrick Gaston said in prepared remarks.

Shares in Bed Bath & Beyond were down 0.8% in early trading Monday.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

May 13, 2019 10:02 ET (14:02 GMT)

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