Bed Bath & Beyond CEO Steven Temares steps down, resigns from board

Signage is displayed outside of a Bed Bath & Beyond Inc. store in Los Angeles, California, U.S., on Monday, Sept. 19, 2016.

Patrick T. Fallon | Bloomberg | Getty Images

Bed Bath & Beyond on Monday announced CEO Steven Temares is stepping down, effectively immediately. 

It said Mary Winston will serve as interim CEO until a replacement is found. Temares is also resigning from Bed Bath & Beyond's board, the company said. 

"The board determined that now is the right time to identify the next generation of leadership," said Patrick Gaston, independent chairman of the retailer's board. 

Bed Bath & Beyond shares jumped 1% in premarket trading following the announcement. The stock has gained nearly 40% so far this year. 

This is a developing story. Please check back for updates. 

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