Deals
Activists Say Bed Bath & Beyond Should Oust CEO and Sell Assets
- Trio of investors persist in campaign for changes at retailer
- Company says group hasn’t engaged in ‘constructive’ dialogue
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The activist investors in Bed Bath & Beyond Inc. say the retailer could unlock about $1.9 billion of value if it were to hire a new chief executive officer, improve inventory and explore selling non-core assets.
Legion Partners Asset Management, Macellum Capital Management and Ancora Advisors proposed those changes and others on Friday in a 168-page report with their diagnosis of Bed Bath & Beyond’s problems -- from stagnant sales to “excessive” pay of the CEO -- along with their solutions for fixing them. These include a 100-day plan to improve retail performance and replacing chief Steve Temares, who they argue has overseen an underperformance relative to peers since he was appointed in 2003.