Bed Bath & Beyond (BBBY.O) unveiled changes to its board of directors including the naming of Lead Independent Director Patrick Gaston as independent chairman, saying the moves were in response to shareholder feedback and connected to its commitment to accelerating board refreshment.
-Five current independent directors will step down from the board, with the five new independent directors being Harriet Edelman, Harsha Ramalingam, Andrea Weiss, Mary Winston and Ann Yerger
-Co-Founders and Co-Chairmen Warren Eisenberg and Leonard Feinstein will retire from the board effective May 1
-Bed Bath & Beyond said it has had multiple discussions with members of the activist group of Legion Partners, Macellum Capital Management and Ancora Advisors, and invited them to participate in the board transformation process, which the group has so far declined
-The board will consist of 10 directors, of which nine are independent and six are women, with the average director tenure being less than four years
-The board will form a Transformation and Strategy Review Committee to review the company’s transformation, strategy and structure
-A new executive compensation plan increases the at-risk component of executive compensation
-NOTE: April 9, Legion Partners Nominates 16 Candidates to Bed Bath Board