Bed Bath & Beyond's stock soars as activists seek to oust the company's longtime CEO
A trio of activist investors are looking to replace Bed Bath & Beyond's chief executive and its entire board. Activist investors are looking to shake things up at home goods chain Bed Bath & Beyond, starting with the replacement of its longtime chief executive and the entire 12-person board of directors, which is led by the company's founders.
“The time is now to instill best-in-class corporate governance and hold management and directors accountable for the horrendous performance that has resulted in $8 billion of value destruction over the last 15 years at Bed Bath & Beyond,” said Chris Kiper, cofounder and managing principal of Legion Partners.
"The arguments that have caused investor antipathy to Bed Bath & Beyond are real and center on the tired nature of its nearly 1,000 North American Bed Bath & Beyond stores," wrote Raymond James analyst Bobby Griffin in a note, who added that many of the stores his team has visited in recent months are"cluttered" and"dirty."
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