To Infinity and (Bed, Bath) & Beyond

Shown in CSG CONNECTed’s Quick Minute video published earlier in the week, Bed, Bath, & Beyond‘s CEO, Steven Temares, is stepping down. The decision comes after a group of investors heavily pressured the company due to the recent stagnation of sales figures. The group’s original plan was to remove all twelve board members, including the CEO and replace them in hopes that the shake-up would return sales growth to that of the previous years. Two board members and Temares resigned, leaving the company with nine remaining members. Mary Winston, a board member found in CSG’s Discount Stores and Specialty Retailers Database, will be taking over as interim chief until the retailer finds a permanent solution.

Temares became CEO in 2003 and for the majority of his tenure sales revenue was on a steady incline, but in 2013 the numbers plateaued with only a 2.5% average increase over the next five years. In 2018 Temares announced the creation of six private labels with the removal of several previously sold brands that were no longer “the right model” for the company.  New executives, new private labels, and new product lines mean there is an opening for suppliers to get their products on these shelves as soon as possible. It’s clear this retailer is looking for fresh new ideas to boost their sales numbers back to previous goals, meaning they’re open to the possibility of anything.