Bed Bath & Beyond Announces CEO Transition

Union, N.J. — Bed Bath & Beyond Inc. has announced that Mary Winston, a seasoned public company executive who recently joined the Bed Bath & Beyond board of directors, has been appointed interim chief executive officer, effective immediately. Steven Temares has stepped down as CEO and resigned as a member of board.

The board has formed a CEO search committee to identify a permanent CEO and will retain an executive search firm to assist in the search process. The board’s search process will focus on individuals who have transformation and innovation experience in the retail sector.

In addition, the board appointed Andrea Weiss, a long-time retail executive who also recently joined the Bed Bath & Beyond board, as chair of the business transformation and strategy review committee, which will be responsible for ensuring that all aspects of the company’s ongoing business transformation are addressed. Weiss and the committee will work closely alongside Winston in her role as interim CEO and the other members of the leadership team.

“Bed Bath & Beyond has a significant opportunity to drive value creation by building on its great brands and strong customer affinity,” says Patrick Gaston, independent chairman of the Bed Bath & Beyond board. “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. We are fortunate to have someone of Mary’s caliber to serve as interim CEO while the board conducts a search for a permanent successor, and are confident in her ability to lead the company forward during this transition period.”

On May 1, 2019, five new independent directors joined the Bed Bath & Beyond board. This follows the appointment of two new independent directors in 2018, and one new independent director in 2017, with a total of eight new independent directors having recently joined the board. Upon the completion of the leadership transition, Bed Bath & Beyond’s board will consist of nine members, eight of whom are independent.

Winston is a seasoned executive with significant governance expertise across a broad range of industries, having served on large public company boards and audit committees for many years. Among other roles, she has served as executive vice president and chief financial officer at Family Dollar Stores Inc., and senior vice president and chief financial officer at Giant Eagle, Inc. She currently serves as president at WinsCo Enterprises Inc., a financial and board governance consulting firm.

Weiss was an early innovator in multi-channel commerce and brings nearly 30 years of entrepreneurial leadership experience in the retail industry, currently serving as founding partner of The O Alliance, LLC and chief executive officer and founder of Retail Consulting Inc. She is recognized as a pioneer in creating a seamless customer experience, and has been a key player in transforming retail into the digital space. She also has extensive experience developing high-level business strategy and tactical execution plans, including implementing turnaround initiatives for leading brands in the U.S. and Europe. She has held executive leadership roles at dELiA*s, Inc., The Limited Inc., GUESS, Inc., Ann Taylor Stores, Inc. and The Walt Disney Company.

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SOURCE: Bed Bath & Beyond Inc.

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