April 22, 2019
(Reuters) – Bed Bath & Beyond Inc on Monday said its co-founders and co-chairmen Warren Eisenberg and Leonard Feinstein would retire from the board and the retailer would appoint five independent board directors.
Shares of the company were up 4.6 pct at $18.21 before the bell.
Last month, the home furnishing retailer faced pressure from a trio of activist investors – Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC – to replace its entire board and oust Chief Executive Steven Temares.
The company on Monday said it had invited the activist group to participate in the transformation of the board, but the investors declined the invitation.
(Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli)