Retailer Bed Bath & Beyond (BBBY) - Get Report is down nearly 5% after climbing in premarket trading Monday after the company announced it appointed Mary Winston, who recently joined the home-goods retailer's board, as its new interim CEO.
Winston will replace Steven Temares, who resigned as CEO after seven years at the helm of the company.
"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. We are fortunate to have someone of Mary's caliber to serve as interim CEO while the board conducts a search for a permanent successor, and are confident in her ability to lead the company forward during this transition period," said Bed Bath & Beyond independent chairman Patrick Gaston.
The company said that it has formed a CEO search committee to identify a permanent CEO and will retain an executive search firm to assist in the search.
The change comes amid pressure from three activist investment groups -- Legion Partners Asset Management, Macellum Advisors and Ancora Advisors -- to replace Temares.
Bed Bath & Beyond shares were rising 2.8% to $16.20 in premarket trading.