Bed Bath & Beyond Overhauls Board; Forms Strategy Review Committee; Sets New Executive Compensation Plan
Bed Bath & Beyond (BBBY) said pre-market Monday that it is overhauling its board of directors to reflect increased diversity in response to shareholder feedback.
According to the domestic merchandise retailer, the board will now be made up of 10 directors, nine of whom are independent and six of whom are women. Five current independent directors are stepping down and co-founders Warren Eisenberg and Leonard Feinstein will also retire from the board after transitioning to the role of co-founders and co-chairman emeriti. Patrick Gaston has been appointed as independent chairman with immediate effect.
The five new board members include Harriet Edelman, Harsha Ramalingam, Andrea Weiss, Mary Winston, and Ann Yerger.
A Business Transformation and Strategy Review Committee has also been formed to review all aspects of the company’s business transformation, strategy and structure. The board’s Audit and Compensation Committees will also have new members, according to the retailer.
The board also devised a new executive compensation plan that increases the at-risk component of executive pay that further aligns compensation with market performance and long-term shareholder value creation, the company said.
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The changes follow pressure from activist investors to replace the board and the company’s chief executive. BBBY shares rose 4.6% in pre-market trading.