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.