- Push-out Score determined
- After about 16 years in the position
- Accolades, praise, thanks and good wishes for Temares
- Mary Winston taking over in the interim
- Search for a successor
- Temares said 63 words
(exechange) — Union, New Jersey, May 13, 2019 — Steven Temares, chief executive of Bed Bath & Beyond, leaves. As announced by Bed Bath & Beyond Inc. in a news release on Monday, May 13, 2019, Steven Temares leaves his post as Chief Executive Officer at the retail-store company after about 16 years in the role, effective immediately.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.8 years, according to data compiled by exechange. Only 11 percent of the CEOs who departed over the past 12 months left the position after more than 15 years.
Bed Bath & Beyond will undertake a search for a successor.
Steven Temares’s duties will be taken over in the interim by Mary A. Winston, a former Chief Financial Officer of Family Dollar Stores Inc., as Interim Chief Executive Officer.
Already a director
Winston is already a director of Bed Bath & Beyond. Often a board member is a last resort, someone who is turned to in desperation when a company cannot find suitable candidates. On the other hand, directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Winston understands the expectations and dynamics of the board and has knowledge of Bed Bath & Beyond’s organization, risk-management practices and strategy.
Steven Temares’s move is part of a management shake-up also involving the position of Chair of the Business Transformation and Strategy Review Committee.
“Improve its financial performance and enhance its competitive position”
The management change is explained as follows. Patrick Gaston, Independent Chairman of the Bed Bath & Beyond Board, said: “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.”
Precise information regarding Steven Temares’s future plans was not immediately available.
Bed Bath & Beyond said: “Steven Temares has stepped down as Chief Executive Officer and resigned as a member of the Bed Bath & Beyond Board.”
Share price decline
The announcement follows a decline in Bed Bath & Beyond Inc.’s share price of 79 percent since March 2015.
Chaired by Patrick R. Gaston
Bed Bath & Beyond Inc. is chaired by Patrick R. Gaston.
Patrick R. Gaston, 61, is Chief Executive Officer of Gaston Consulting, which focuses on building public/private partnerships that addresses issues related to corporate responsibility, sustainability, diversity and social and economic change for businesses, the public sector and civil society.
In the position of CEO since 2003
Steven H. Temares has been the Chief Executive Officer at Bed Bath & Beyond Inc. since April 2003 and served as its President from January 1999 to January 3, 2006.
He was President and Chief Executive Officer from 2003 to 2006 and was President and Chief Operating Officer from 1999 to 2003.
Temares joined the Company in 1992 and has served as a director since 1999.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Bed Bath & Beyond and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2019 ($).