Retail Boards Continue to Face Pressure From Activist Investors

Bed Bath & Beyond is remodeling its board. On Monday, the retailer announced it was updating its board with five new faces, while other members, including Bed Bath & Beyond cofounders Warren Eisenberg and Leonard Feinstein, will retire their seats on the board. The transformation brings the total board count to 10 people. Previously there were 12 members. The five new faces, who begin May 1, are all women, bringing the total number of women on the board to six. In addition, the board is comprised of nine independent directors and Patrick Gaston, the current lead independent director, has been named independent chairman. “As we have communicated to Bed Bath & Beyond shareholders, the board has been undertaking a comprehensive review of its composition, governance structure and compensation practices,” Gaston said in a statement. “The changes announced today reflect significant shareholder input and underscore our commitment to ensuring we have best-in-class governance.” The news comes as activist investors continue to pressure the big-box retailer, known for its home goods and bedding offerings, to adapt to a changing retail landscape. As recently as last month, three investors — Legion Partners Asset Management, Macellum Advisors GP and Ancora Advisors — suggested the company needs

Follow WWD on Twitter or become a fan on Facebook.

Read More...

from WWDWWD http://bit.ly/2GAtaCk