From Home Furnishing Business
Bed Bath & Beyond CEO Steps Down
Bed Bath & Beyond Inc. (NASDAQ: BBBY) has announced that Steven Temaras has stepped down as CEO and resigned as a member of the company’s board. Mary Winston, who recently joined the board of directors, has been appointed interim CEO.
The board has formed a CEO search committee to identify a permanent CEO and will retain an executive search firm to assist in the search process. The board's search process will focus on individuals who have transformation and innovation experience in the retail sector.
In addition, the board appointed Andrea Weiss, a long-time retail executive who also recently joined the Bed Bath & Beyond board, as chair of the business transformation and strategy review committee, which will be responsible for ensuring that all aspects of the company's ongoing business transformation are addressed.
Weiss and the committee will work closely alongside Winston in her role as interim CEO and the other members of the leadership team to identify opportunities for rapid performance improvement of both short- and long-term results.
Patrick Gaston, independent chairman of the board, stated, "Bed Bath & Beyond has a significant opportunity to drive value creation by building on its great brands and strong customer affinity. 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. We are fortunate to have someone of Mary's caliber to serve as interim CEO while the board conducts a search for a permanent successor, and are confident in her ability to lead the company forward during this transition period."
"This is an important time for Bed Bath & Beyond and we are committed to being the leading omnichannel retailer of choice for the home and heart-felt life events,” said Winston. “Together with the board, including the members of the Business Transformation and Strategy Review Committee, the leadership team and our more than 60,000 associates, I look forward to building an even stronger future for Bed Bath & Beyond. As we continue to review our business initiatives, we will be focused on driving continued margin improvement, enhancing the in-store and online experience, and accelerating our transformation to the benefit of our shareholders, customers and other stakeholders."
Gaston added, "During Steven's tenure as CEO, Bed Bath & Beyond has grown into an iconic omnichannel retailer with a strong portfolio of brands, more than 1,500 stores and an expanding digital presence. On behalf of the board, I thank him for his unwavering commitment and tireless service, and wish him the best. We also extend our continued appreciation to the entire leadership team and to all of our associates for their unceasing focus on transforming Bed Bath & Beyond and executing on our priorities."
Temares said, "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. 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."