In this Oct. 25, 2017, file photo, shoppers walk toward their vehicles outside of a Bed Bath & Beyond department store at Jersey Gardens Mall in Elizabeth, N.J.Bed Bath & Beyond Inc’s long-time Chief Executive Officer Steven Temares stepped down on Monday, following pressure from a group of activist investors that had been pushing for his ouster and a shakeup of the furnishing retailer’s board.
The group, comprising Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC, had piled pressure on the company since March, citing the company’s inability to grow sales and margins. The retailer has struggled to keep pace with changing consumer tastes and shopping habits, reporting 1.1 per cent growth in sales last year compared with over 22 per cent in 2003, when Temares took over as CEO.The company’s shares have lost nearly 80 per cent in the past five years. The stock was up 3 per cent on Monday.
The retailer named Mary Winston, currently a board member, as interim CEO. The Board has started a search for a permanent CEO, the company said in a statement.Winston was one of the five newly appointed independent members on the company’s board. The shake-up, however, did not please the investors, who declined an invitation to participate in the transformation of the board.
Source: News Formal (newsformal.com)
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