Bed Bath & Beyond CEO Steps Down Amidst Struggles

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Bed Bath & Beyond aisle feature

Steven Temares, CEO of Bed Bath & Beyond since 2003, is stepping in the midst of pressure from three activist investors with a 5% stake as the company struggles against larger competitors offering cheaper private label brands, according to CNN and other reports.

Temares will also resign his board seat. Former Family Dollar CFO Mary Winston has been named interim CEO. The news of Temares departure comes a month after Bed Bath & Beyond announced it was closing 40 stores.

“It has been a privilege to serve with my fellow associates for these past 27 years,” said Temares in a release. “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.”

Neil Saunders, managing director at GlobalData Retail, said in a note to clients that Temares’ resignation is “a necessary first step in revitalizing the fortunes of the beleaguered retailer,” according to CNN. Saunders also said Bed Bath & Beyond needs to find someone who can “put in place a plan to refashion the company to the modern realities of retailing.”

“This is an important time for Bed Bath & Beyond and we are committed to being the leading omnichannel retailer of choice for home and heartfelt life events,” said Winston in the release. “I look forward to building an even stronger future for Bed Bath & Beyond.”

The company is testing its new concept Next Generation Lab stores, which include a variety of experiences and visual merchandising in an effort to provide a more compelling digital/physical experience.

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