Bed Bath & Beyond said that Chief Executive Officer Steven Temares, who has come under fire by activist investors for the company’s lagging performance, is stepping down immediately. He will replaced on an interim basis by Mary Winston, a recent addition to the board.
The board formed a committee to find a CEO, according to a company statement. The board also added Andrea Weiss, who will oversee the company’s strategy and business transformation plans.
Shares of the company fell as much as 4.1 percent to $15.11 on Monday amid a broader U.S. market decline as China announced new tariffs on U.S. goods.
