Bed Bath & Beyond CEO Steps Down; Winston Takes Over as Interim CEO

Temares has also resigned as a member of the board of directors of the Union, NJ-based domestics and home furnishings retailer. He had served as CEO of the company since 2003.

Mary Winston, interim CEO, Bed Bath & Beyond

UNION, NJ—Retailer Bed Bath & Beyond in an attempt to deflect pressure from activist investors clamoring for change, has announced that longtime CEO Steve Temares has stepped down and is being replaced on an interim basis by Mary Winston.

Temares has also resigned as a member of the board of directors of the Union, NJ-based domestics and home furnishings retailer. He had served as CEO of the company since 2003.

The 57-year old Winston has a strong background in all aspects of finance and accounting, as well as experience in M&A, corporate strategy, cost restructuring programs, corporate governance/compliance, and investor relations/communications. Winston currently serves as president at WinsCo Enterprises Inc., a financial and board governance consulting firm.

She has served as executive vice president and CFO at Family Dollar Stores Inc., SVP and CFO at Giant Eagle, Inc., EVP and CFO at Scholastic Corporation, VP and controller of Visteon Corporation and VP, Global Financial Operations at Pfizer Inc. in the Pharmaceuticals Group.

She started her career as a CPA and auditor at Arthur Andersen & Co. Winston is a National Association of Corporate Directors (NACD) Board Governance Fellow. She has also served on the boards of Plexus Corp and SuperValu Inc. and is currently a member of the boards of Acuity Brands, Inc., Domtar Corporation and Dover Corporation.

The company’s board of directors also 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, the company states.

Patrick Gaston, independent chairman of the Bed Bath & Beyond board, states, “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.”

Gaston also praised Temares for his leadership at the company. “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,” he says.

“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,” Winston said. “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.”

The board of directors 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 search process will focus on individuals who have transformation and innovation experience in the retail sector, the company states.

Three activist investor firms, Legion Partners Holdings, Macellum Advisors and Ancora Advisors, criticized Temares for sagging sales revenue at the company. Last week, the activists filed a against Bed Bath & Beyond, according to a CBS News report.

On May 1, 2019, five new independent directors joined the Bed Bath & Beyond board. This follows the appointment of two new independent directors in 2018, and one new independent director in 2017, with a total of eight new independent directors having recently joined the Board. Upon the completion of the leadership transition announced today, Bed Bath & Beyond’s board will consist of nine members, eight of whom are independent.