Bed Bath & Beyond Names Four Independent Directors

By Allison Prang

Bed Bath & Beyond Inc. named four new independent directors to its board as it aims to make leadership changes amid pressure from three activist investors.

The company, which not long ago reported its first loss and decrease in sales for a fiscal year as a publicly-traded company, has been pressured by a group of activist investors who think the company hasn't adapted to new consumer behavior. The group of investors has aimed to revamp the company's board.

Bed Bath & Beyond on Wednesday said it appointed the following new directors: John Fleming, previously global e-commerce chief executive of Uniqlo Co. Ltd.; Sue Gove, president of retail consulting firm Excelsior Advisors LLC; Jeffrey Kirwan, previously global president and CEO of The Gap Inc.'s Gap division; and Joshua Schechter, who has chaired various public boards and is a private investor.

A dozen of the company's 13 board directors now have joined the board over the past couple of years, Bed Bath and Beyond said.

Bed Bath & Beyond is also still looking for a permanent CEO after its former CEO resigned earlier this month. Its interim CEO is Mary Winston, previously an executive at Family Dollar and Giant Eagle Inc.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

May 29, 2019 07:04 ET (11:04 GMT)

Bed Bath and Beyond (NASDAQ:BBBY)
Historical Stock Chart
From Mar 2024 to Apr 2024