Furthermore, the activist group said Beth Bath & Beyond’s Board has a “self-enriching mindset as evidenced by its excessive pay packages and failure to hold itself and management accountable.”
Chris Kiper, the Co-founder and Managing partner at Legion Partners, said, “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 over the last 15 years at Bed Bath & Beyond.”
The activist group nominated independent candidates, whom they consider as highly-qualified for election to the Board of Bed Bath & Beyond.
Activist investors chose to attack instead of providing constructive input
In response to the activist group’s move, Bed Bath & Beyond said the Board “welcomes constructive input focused on enhancing value.” The company also stated that the company Board members and senior management team “held several discussions with Legion and Macellum.”
