Bed Bath & Beyond news about activists investors looking to change the company has BBBY stock soaring on Tuesday.
According to recent reports, there are three activist investors of Bed Bath & Beyond (NASDAQ:BBBY) that are planning to put pressure on the company. These three activist investors are Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC.
This bit of Bed Bath & Beyond news claims that the investors are coming together as a group to call for changes at the company. This includes plans for a proxy fight that will have them pushing to replace many of its top brass.
The group of activists investors reportedly wants to start off with a proxy battle that will have it changing out the entire 12-person Board of Directors. That’s not the only bad Bed Bath & Beyond news for its leaders. They also want to replace current CEO Steven Temares, who has been in the role since 2003, reports Fox Business Network.
“At Bed Bath & Beyond we are open to the views of our shareholders and value constructive input focused on enhancing value,” a Bed Bath & Beyond spokesperson told CNBC. “Our Board of Directors and management team remain committed to creating value for all shareholders by transforming our Company to best position Bed Bath & Beyond for long-term success, and will continue to take actions to achieve these objectives.”
BBBY stock was up 27% as of Tuesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.