A months-long fight between Bed Bath & Beyond and a group of activist investors has ended with the retailer agreeing to name four new members to the company’s board of directors.
As a result, the investor group has agreed to withdraw its slate of 10 nominees and support all BBB-recommended board of director nominees at the 2019 and 2020 annual shareholders meetings. The four new directors are John Fleming, Sue Gove, Jeffrey Kirwan and Joshua Schechter.
Mary Winston, interim CEO of Bed Bath & Beyond, said the retailer is committed to taking the right actions to further enhance its competitive and financial positions and transform the retailer faster to win in the omnichannel marketplace.
Winston was named interim CEO in mid-May following the resignation of Bed Bath CEO Steve Temares.
In addition, CNBC reported that Bed Bath & Beyond is also forming a committee that will look at the possible sale or spin-off of underperforming businesses. This includes Cost Plus World Market, Buy Buy Baby, Personalization Mall and Christmas Tree Shops.