- Bed Bath & Beyond settled a months-long dispute with a group of activist investors Wednesday after announcing the appointment of four new directors to its board.
- These investors released a brutal presentation earlier this year calling for the resignation of its CEO and a shakeup of the board.
- Since then, CEO Steven Temares has stepped down, and the company has recruited nine new board members.
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Bed Bath & Beyond settled a months-long dispute with a group of activist investors on Wednesday after announcing that it would be appointing four new directors to its board, just over a month after five other new directors joined the board in April.
The news comes just weeks after the company’s former CEO, Steven Temares, stepped down after facing ongoing pressure from activist investors.
These investors, which collectively own around 5.23% of Bed Bath & Beyond’s stock, released a brutal presentation calling for the Temares’ resignation and a shakeup of the entire board.
But on Wednesday the two parties finally seemed to make peace.
"We are pleased to have reached this resolution with Bed Bath & Beyond, which is the result of collaborative dialogue and intensive engagement with the Company.
"Together with the existing Board members, these four new independent directors will help the Company navigate the current omnichannel retail environment and pursue our shared goal of enhancing shareholder value," the group of investors wrote in a statement on Wednesday.
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