The chief executive of Bed Bath & Beyond Inc. resigned Monday, just days after an activist hedge fund sued the New Jersey-based retailer over its alleged attempt to shut down a proxy battle seeking to reshape the board after years of poor performance.

The company announced that Steven H. Temares had stepped down after serving for more than 15 years as CEO. Bed Bath & Beyond said Mary Winston, a “seasoned” public company executive who recently joined the company's board of directors, had been appointed as interim CEO and would assume her new duties immediately.

The move comes as the domestic goods retailer is looking to revamp its business amid pressure from investors frustrated by the company's leadership and a lagging stock performance.