Bed Bath & Beyond CEO Steven Temares steps down 'immediately' and 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.

The activists had been pushing to replace the entire board and to oust Temares as CEO.

Bed Bath & Beyond has been struggling to grow sales as more shoppers head online to platforms like Amazon .

It laid off nearly 150 people in March, which also impacted its Christmas Tree Shops business, a discount home decor chain it acquired in 2003.

The company also said Monday that Andrea Weiss, a recent appointment to the board, will head the retailer's Business Transformation and Strategy Review Committee, "which will be responsible for ensuring that all aspects of the Company's ongoing business transformation are addressed."

Bed Bath & Beyond shares jumped 2.8% in premarket trading following Monday's announcement.

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