Under pressure, Bed Bath & Beyond's veteran CEO steps down
CNN - Mon 13 May 15:38 GMT

Bed Bath & Beyond, facing heavy pressure from a trio of activist investors, will replace its veteran chief executive as the struggling company attempts to survive upheaval in retail.

Under pressure, Bed Bath & Beyond's veteran CEO steps down

  Steven Temares, who has been Bed Bath & Beyond's CEO since 2003, stepped down on Monday and resigned as a member of Bed Bath & Beyond's board of directors.

  Bed Bath & Beyond has struggled to compete with traditional retailers such asand, as well as online retailersandand discounters like TJ Maxx and its HomeGoods arm.

  In March, three activist funds built a roughly 5% stake in Bed Bath & Beyond and attempted to replace the company's entire board of directors and CEO Temares.

  The group wants Bed Bath & Beyond to trim its product selection and beef up the in-store experience to drive traffic back to stores.

  Bed Bath & Beyond nominated several new directors to its board, including a new lead director, and revamped its corporate governance structure.