Bed Bath & Beyond refreshes board with 5 new independent directors

04/22/19 06:50 AM EDT

Bed Bath & Beyond Inc. (BBBY) announced Monday a refreshment of its board of directors, in response to shareholder feedback (http://www.marketwatch.com/story/bed-bath-beyonds-efforts-to-improve-profitability-hurt-sales-2019-04-11), with five current independent directors set to step down. Shares gained 0.5% in premarket trade. Co-founders Warren Eisenberg and Leonard Feinstein will retire from the board, and transition to roles of Co-Founders, Co-Chairmen Emeriti. The new board will form a "business transformtion" and "strategy review committee" to review all aspects of its business, strategy and structure, and to reconstitute the audit and compensation committee. The board will formulate a new executive compensation plan that increases the "at-risk" component that further aligns compensation with the company's performance and shareholder value creation. The stock has gained 1.6% over the past 12 months, while the SPDR S&P Retail ETF (XRT) has tacked on 3.1% and the S&P 500 has advanced 8.8%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

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04-22-19 0650ET

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