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May 13, 2019

Bed Bath & Beyond replaces CEO who drew criticism from activists

Bed Bath & Beyond

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Bed Bath & Beyond Inc. (BBBY.O) said that Chief Executive Officer Steven Temares, who has come under fire by activist investors for the company’s lagging performance, is stepping down immediately. He will replaced on an interim basis by Mary Winston, a recent addition to the board.

- The board formed a committee to find a permanent CEO, according to a company statement. The board also added Andrea Weiss, who will oversee the company’s strategy and business transformation plans.

Key Insights

- The move to replace Temares means the activist investor group got what it wanted. Macellum Capital Management, Legion Partners Asset Management and Ancora Advisors have been pushing for him to go, saying he was at the frontline of the company’s stagnant sales.

- The investor group has been outspoken in its criticism of Bed Bath & Beyond performance. A recent report from them included a 100-day plan to fix problems that they say also included the CEO’s “excessive” pay. Representatives for the group didn’t immediately respond to request for comment.

- Winston’s retail experience includes serving as chief financial officer of Family Dollar Stores Inc. and Giant Eagle Inc. Bed Bath & Beyond said she has experience in mergers and acquisitions and cost restructuring programs.

Market Reaction

- Shares of the company fell as much as 2.9 per cent in premarket trading. The stock has surged 39 per cent this year.

--With assistance from Scott Deveau