Mary Winston has been named the interim CEO of Bed, Bath and Beyond and is the second Black woman to head a fortune 500 company in recent years. Prior to accepting the interim role, Winston serve on the board of Bed, Bath & Beyond. The companies previous CEO, Steven Temares, stepped down after 16-years in the role.
In March, CNN wrote an article about a group of Bed, Bath and Beyond’s investors wanting to replace the entire board of directors. The investors, who owned around 5% of the company, were frustrated with how Bed, Bath and Body works had lost over 80% value.
“The activist group sees an opportunity to push for changes because Bed Bath & Beyond’s(BBBY) stock has lost more than 80% of its value since 2015. Bed Bath & Beyond’s same-store sales have also fallen two years in a row.
The group — Legion Partners, Macellum Advisors, and Ancora Advisors — blames cluttered stores and a confusing pricing strategy for Bed Bath & Beyond’s prolonged slump.”
Winston has served on several boards including her most previous role as the Executive Vice President and Chief Financial Officer of Family Dollar Stores Inc. Her background also includes financial management for companies such as Visteon Corporation and Giant Eagle Inc., She is a graduate o the University of Wisconsin and Northwestern University’s Kellog Graduate School.
“I look forward to building an even stronger future for Bed Bath & Beyond. As we continue to review our business initiatives, we will be focused on driving continued margin improvement, enhancing the in-store and online experience, and accelerating our transformation to the benefit of our shareholders, customers and other stakeholders.”
Like many retail stores, Bed, Bath and Beyond is struggling to compete with online retailers. The company laid off 150 employee’s in March.