Bed Bath & Beyond Inc. (NASDAQ: BBBY) shares started the week with a gain after the company announced that long-time CEO Steven Temares is stepping down on Monday. A group of investors has been pushing for his departure and a shakeup of the furnishing retailer’s board.
The group, composed of Legion Partners Asset Management, Macellum Advisors GP and Ancora Advisors, had pressed the company since March, citing the company’s inability to grow sales and margins.
The retailer has struggled lately to keep pace with changing consumer tastes and shopping habits, reporting 1.1% growth in sales last year, compared with over 22% in 2003 when Temares took over as chief executive.
The company’s shares have lost nearly 80% in the past five years. However, the stock is actually up about 39% year to date.
Mary Winston, currently a board member, was named as interim CEO. The board has started a search for a permanent replacement.
The early gain was short-lived, however. Shares of Bed Bath & Beyond were last seen down 3% at $15.30, in a 52-week range of $10.46 to $21.45. The consensus price target is $17.87.
24/7 Wall St.It’s Your Money, Your Future—Own It (sponsor)
Retirement can be daunting, but it doesn’t need to be.
Imagine having an expert in your corner to help you with your financial goals. Someone to help you determine if you’re ahead, behind, or right on track. With SmartAsset, that’s not just a dream—it’s reality. This free tool connects you with pre-screened financial advisors who work in your best interests. It’s quick, it’s easy, so take the leap today and start planning smarter!
Don’t waste another minute; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.