Bed Bath & Beyond CEO resigns as shareholder group pressures mount

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Bed Bath & Beyond
// Bed Bath & Beyond boss resigns amid increasing pressure from investors
// Shareholder group called for new CEO and innovative tech

Bed Bath & Beyond chief executive Steven Temares has resigned from the bedding and homeware retailer with immediate effect, following increased pressure from an activist shareholder group.

The former chief financial officer of US discount retailer Family Dollar Stores, Mary Winston, will be replacing Temares on an interim basis.

Bed Bath & Beyond has faced pressure from groups of activist investors, including a shareholder group that is seeking to oust the retailer’s entire board.

The investors argued that the retailer needed to replace its chief executive and halt declining sales by improving its inventory and shifting the company culture through further training and innovative technology.

Since its establishment, the campaign has continued to grow, with the investors filing a lawsuit against Bed Bath & Beyond in New York federal court last week for allegedly attempting to receive a “unfair advantage” in the proxy fight.

Bed Bath & Beyond has appointed five new independent directors since the court case.

Bed Bath & Beyond is a US retailer but trades in the UK via a dedicated website for the country.

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