Bed Bath & Beyond CEO is out; ex-Family Dollar exec to serve in interim

Union-based Bed Bath & Beyond Inc. announced Monday some leadership changes.

Mary Winston, who recently joined the company’s board, has been named interim CEO, effective immediately. Steven Temares has stepped down as CEO and resigned as member of the board.

The board said it has formed a CEO search committee and retained an executive search firm to find a permanent CEO.

“Bed Bath & Beyond has a significant opportunity to drive value creation by building on its great brands and strong customer affinity. 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,” Patrick Gaston, independent chairman of the Bed Bath & Beyond board, said.

Winston previously served as executive vice president and chief financial officer at Family Dollar Stores Inc., senior vice president and chief financial officer at Giant Eagle Inc., EVP and CFO at Scholastic Corp., vice president and controller at Visteon Corp., and VP, global financial operations at Pfizer Inc. She began her career as a certified public accountant and auditor at Arthur Andersen & Co. She currently serves as president at WinsCo Enterprises Inc., a financial and board governance consulting firm.

In addition, the board appointed Andrea Weiss as chair of the Business Transformation and Strategy Review Committee.

“This is an important time for Bed Bath & Beyond and we are committed to being the leading omnichannel retailer of choice for the home and heart-felt life events. Together with the board, including the members of the Business Transformation and Strategy Review Committee, the leadership team and our more than 60,000 associates, I look forward to building an even stronger future for Bed Bath & Beyond. As we continue to review our business initiatives, we will be focused on driving continued margin improvement, enhancing the in-store and online experience, and accelerating our transformation to the benefit of our shareholders, customers and other stakeholders,” Winston said.

Weiss currently serves as the founding partner of The O Alliance LLC and CEO and founder of Retail Consulting Inc. She’s held executive roles at dELiA*s Inc., The Limited Inc., GUESS Inc., Ann Taylor Stores Inc. and The Walt Disney Co.

“It has been a privilege to serve with my fellow associates for these past twenty seven years. It has always been, and will always be, about our people. There are truly no words to adequately express my gratitude to them and I will miss them immensely. I continue to trust in them and look forward to great accomplishments in the years to come,” Temares said.

On May 1, the company also said five new independent directors joined the board. Upon completion of the leadership transition, Bed Bath & Beyond’s board will have nine members, eight who are independent, its said.