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Bed Bath & Beyond, faced with increasing pressure from activist investors to reorganize its operations, reorganized its management team on Monday, replacing its CEO with an acting leader, the distressed retailer seeking a permanent leader.
Mary Winston, a board member, will replace Steve Temares as CEO, the company's Union Township, New Jersey, news agency said in a statement. Temares, who also resigns from the board of directors, was named in first place in 2003.
| Teleprinter | security | Latest | Change | % Chg |
|---|---|---|---|---|
| BBBY | BATH BED AND BEYOND INC. | 3:40 p.m. | -0.36 | -2.28% |
"As the company pursues its efforts to improve its financial performance and competitive position, the board of directors has determined that the time has come to identify the next generation of leaders," said Patrick Gaston, chairman of the board of directors. independent of the board of directors.
Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC have already made an effort to replace the 12-person Board of Directors with Bed Bath & Beyond with a list of 16 candidates.
Under pressure, the company recently announced that two members would leave the board, reducing the size to 10 people. The trio of activist investors described the move as "just too little, too late" and submitted a reworked proposal with only 10 candidates.
"The administrators of Bed Bath are apparently trying to deceive investors and create barriers to prevent shareholders from participating in a fair process of election of the best directors of the company," said the three companies in a statement.
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Last week, Legion Partners filed a lawsuit against Bed Bath & Beyond, alleging that the company had bypassed shareholders' rights to recast the list of directors.
"The company has never stated that it would not approve the candidates of the militant group once their final application, but rather that the board would review the application and act in a manner consistent with the company's obligations. under the convention, "Bath Bath & Beyond says in a statement in response.
"The group of activists is asking the board of directors to take action that could expose the company and its shareholders to significant financial and operational risk," the company added.
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Home appliance retailer shares rose 39% this year.
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