Bed Bath & Beyond’s co-founders retire from board, adds 5 new members
The company said the activist group was invited to participate in the transformation of the board, but it declined.
Following the changes effective May 1, the board will comprise 10 directors, nine of whom are independent and six women, the company said.
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% last year compared with 22% in 2003, when Temares took over as CEO.
“The changes announced today reflect significant shareholder input and underscore our commitment to ensuring we have best-in-class governance,” said Patrick Gaston, who was named an independent chairman.