Bed Bath & Beyond CEO steps down weeks after activist investors release a brutal presentation slamming company's leadership

Getty/Kevork DjansezianBed Bath & Beyond has come under fire in recent months.

Bed Bath & Beyond announced Monday that its CEO would be stepping down from the company, weeks after a group of activist investors released a brutal presentation that called for his resignation.

CEO Steven Temares, who has held the position since 2003, will be replaced by Mary Winston in the interim while the company searches for a permanent CEO. Temares has also stepped down from the board.

Bed Bath & Beyond has already switched up its board. Five directors stepped down in April and were replaced by new directors, including Winston.

“It has been a privilege to serve with my fellow associates,” he said in a statement to the press on Monday, adding: “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.”

Bed Bath & Beyond has come under intense pressure from a group of activist investors in recent months as sales have slipped. It has been accused of failing to adapt to the changing retail environment and compete with online sellers.

Read more:
10 of the most brutal criticisms activist investors lobbed at Bed Bath & Beyond in a savage presentation

In a brutal 168-slide presentation, these investors called for a shake-up of leadership and requested that it replace Temares and the company’s entire board of directors.

The company did not address whether the investors’ demands were factored into Temares’ decision to announce his resignation.

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