FILE PHOTO: The sign outside the Bed Bath & Beyond store is seen in Westminster, Colorado, June 22, 2016. REUTERS/Rick Wilking
(Reuters) – Bed Bath & Beyond Inc said it appointed five new independent members to its board, replacing some directors including co-founders Warren Eisenberg and Leonard Feinstein, after facing pressure from a trio of activist investors to refresh its board. Shares of the New Jersey-based company rose about 2 percent before the bell.
Last month, activist investors Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC urged Bed Bath & Beyond to replace its entire board and oust Chief Executive Steven Temares.
The company said the activist group was invited to participate in the transformation of the board, but it declined.