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Investors look to ax Bed Bath & Beyond CEO and entire board

March 26, 2019 / Daphne Howland
SHARESHARESHARE

A group of investment firms and their affiliates comprising Legion Partners Holdings, Macellum Advisors GP and Ancora Advisors on Tuesday announced the nomination of 16 independent candidates for election to Bed Bath & Beyond's board, which would effectively turn over the board's entire 12-person team, and called for the ouster of CEO Steven Temares. In the aggregate, the investor group owns about 5% of the retailer's outstanding common stock, including about 1% of shares underlying call options that are currently exercisable, according to a press release from the firms. In saying they will make the move at the retailer's upcoming annual meeting, the group's principals cited the board's "value destruction" and "self-enriching mindset as evidenced by its excessive pay packages and failure to hold itself and management accountable," according to the release.