Bed Bath & Beyond CEO Steven Temares is no longer leading the company after choosing to step down.
Bed Bath & Beyond (NASDAQ:BBBY) notes that it will begin a search for a new CEO to replace Temares. It will seek the help of an executive search firm as it looks for its next CEO. The company also notes that it is searching for a CEO with “transformation and innovation experience in the retail sector.”
“It has been a privilege to serve with my fellow associates for these past twenty seven years. It has always been, and will always be, about our people,” the former Bed Bath & Beyond CEO said in a statement. “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.”
Until the next permanent Bed Bath & Beyond is found, a member of the company’s Board of Directors will be serving an interim CEO. This Board member is Mary Winston. Winston is a recent addition to the Board, but has a history serving in executive roles at other retail companies.
The retail company doesn’t outline why Bed Bath & Beyond CEO Steven Temares is stepping down. Despite this, the reason is clear. The company has been facing pressure from activists investors to make changes to its business an leadership.
BBBY stock was down 4% as of Monday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.