Investor Group Responds To Bed Bath & Beyond Board Changes

An activist investor group comprised of Legion Partners Holdings, Macellum Advisors and Ancora Advisors has released a statement commenting on Bed Bath & Beyond’s announcement of certain changes to its board of directors:

“The board changes announced today by Bed Bath are not nearly enough when measured against what is needed to address the issues with the current board and management, including that CEO Steven Temares must be held accountable for the company’s prolonged poor performance and destruction of shareholder value. Further, the company’s announcement lacks any detailed strategic vision for driving value creation at Bed Bath. We will therefore continue to move forward with our campaign to install fresh, experienced and independent oversight and management at the company.”

“While we are still reviewing the new directors announced today by Bed Bath, our initial assessment is that the new additions to the board do not have the required skill sets and retail experience to effect swift and real change. This board needs independent directors with deep retail experience at the highest levels. The company’s track record in identifying additions to the board in the past does not instill confidence about their ability to put in place qualified management— and the reaction of the company’s share price so far indicates that other investors feel similarly. Further, we do not believe that the addition of five new directors who were hand-picked by the current incumbent directors will translate to the level of independent oversight that the company requires.”

“More meaningful change is urgently needed— which is why Legion Partners Holdings has nominated highly-qualified, independent candidates to the board at the 2019 annual meeting of shareholders. Our diverse slate of experienced retail experts will be focused on hiring a new CEO, repositioning the company for profitable growth and instituting best-in-class corporate governance. These candidates have worked hard to develop a strategic plan for Bed Bath going forward, which will be released in the coming days. We remain committed to taking on the hard work necessary to make improvements at Bed Bath for the benefit of all stakeholders.”