Today, Bed Bath & Beyond (BBBY) announced that Mary Winston, who recently became a member of the board, was appointed as interim CEO with immediate effect after Steven Temares stepped down as CEO and a board member.
To select a permanent CEO, BBBY’s board has formed a CEO search committee and retained an executive search firm to assist in the search process. The company has stated that it will be looking at executives with transformation and innovation experience in the retail business. The company’s board also named Andrea Weiss as Chair of the Business Transformation and Strategy Review Committee, which looks after the company’s ongoing business transformation.
BBBY’s board consists of nine members, eight of whom are independent. Of these eight independent directors, five joined on May 1, 2019, while two joined in 2018 and one joined in 2017.
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BBBY’s was trading ~4.4% down in today’s early hours. Weakness in the broader equity market over the escalating trade war between the United States and China appears to have contributed to a fall in the company’s stock price. BBBY’s peers Williams-Sonoma (WSM) and RH (RH) were trading 5.0% and 6.2% down, respectively.
Year-to-date, BBBY has returned 39.2% as of May 10. During the same period, its peers Williams-Sonoma and RH have returned 8.7% and -14.1%, respectively. The broader comparative index, the SPDR S&P Homebuilders ETF (XHB), which invests in home improvement and furnishing companies, has returned 24.3%.