Three activist investors disclosed a combined 5 percent stake in Bed Bath & Beyond Inc on Tuesday, seeking to replace the entire board and oust ...
REUTERS: Bed Bath & Beyond Inc's long-time Chief Executive Officer Steven Temares came under pressure on Tuesday after activist investors called for his ouster and the replacement of the entire board, sending the company's shares up as much as 30 percent.
Bed Bath & Beyond has struggled to keep pace with changing consumer tastes and shopping habits over the years, with sales growth spiraling down to just 1.1 percent last year compared to over 22 percent in 2003, when Temares took over as CEO. "Irrespective of the elevated capital investment of the past several years , management has been slow to invest in its stores ... This will likely add credibility to any activist style campaign," Raymond James analyst Bobby Griffin said.The trio of investors also said excessive pay packages and a failure to hold management accountable necessitate a change in a majority of the board.
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