Bed Bath and Beyond (Union, N.J.) CEO Steven Temares has stepped down immediately, according to a report by CNBC. The move comes as activist investors, who have been lobbying to remove Temares, named five independent members to the board of directors.
Mary Winston, who was recently named to the board, will serve as interim CEO until a replacement is named. Temares has also resigned from the board. BB&B shares initially rose 3 percent on the news, but ended up down 6 percent at the time of this report.