Bed Bath & Beyond's CEO 'steps down'
Bed Bath & Beyond Inc. said in a Monday announcement that Chief Executive Steven Temares is stepping down from his position and resigning from the board. He has been part of the company leadership since the company went public in 1992 and has been CEO since 2003. Mary Winston, a recent addition to the home retailer's board, has been appointed interim CEO. A committee will bring on an executive search firm to name a permanent replacement. "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, said Patrick Gaston, chairman of the board, in a statement. An activist investor group proposed ousting the CEO in late April in order to prevent further devaluing for the company. Bed Bath & Beyond shares are down 1% in Monday premarket trading, but have rallied 39.2% for the year to date. The S&P 500 index has gained 15% for 2019 so far.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.