Bed Bath & Beyond responds to 'public attack' from activist group
Bed Bath & Beyond issued the following statement in response to a press release issued by Legion Partners Asset Management, Macellum Advisors and Ancora Advisors regarding the activist group's submission of 16 nominees to take over the board at the company's 2019 Annual Meeting of Shareholders: "Bed Bath & Beyond regularly engages with our shareholders and welcomes constructive input focused on enhancing value. Members of our board of directors and senior management team have met with and held several discussions with Legion and Macellum over the past few weeks. Ancora has not previously reached out to or engaged with the company. In these conversations, we made clear our commitment to engaging constructively and acting in the best interest of all Bed Bath & Beyond shareholders. We asked on several occasions for their suggestions and ideas for improving the company's business but they did not provide any. We also invited them to participate in the board refreshment program we have been undertaking in recent years and are in the process of accelerating with investor input. Instead they chose to publicly attack the company and provide their intent to nominate directors to take over the full board. Unfortunately, while our directors and management were seeking to engage in good faith, it appears that the Legion and Macellum representatives were merely seeking information to support their attack. Bed Bath & Beyond is undertaking a comprehensive transformation to evolve the foundational structure of the business, drive shareholder value and best position the company for long-term success. While the activist group has not provided any specific recommendations despite the company's repeated requests, we note that many of the areas highlighted by the activist group in its press release are already being addressed at a detailed level by the company. We look forward to receiving and reviewing any specific suggestions and recommendations the activist group may have... Bed Bath & Beyond has a diverse, experienced board of directors that is committed to acting in the best interest of all shareholders and supporting the company's strategic priorities. The board includes 12 highly qualified directors, all of whom are actively engaged and possess significant experience relevant to our business. The board recognizes the value of fresh perspectives and diversity in the boardroom and regularly evaluates its composition to ensure it reflects the right mix of skills and expertise. Notably, as part of the board's ongoing refreshment program, three new independent directors with relevant experience have been added during the last two years... The Nominating and Corporate Governance Committee and the board are responsible for evaluating director candidates qualified to become members of the board, and will do so consistent with established processes."