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Bloomberg
Bed Bath & Beyond unveiled changes to its board of directors including the naming of Lead Independent Director Patrick Gaston as independent chairman, saying the moves were in response to shareholder feedback and connected to its commitment to accelerating board refreshment.
Five current independent directors will step down from the board, with the five new independent directors being Harriet Edelman, Harsha Ramalingam, Andrea Weiss, Mary Winston and Ann Yerger Co-Founders and Co-Chairmen Warren Eisenberg and Leonard Feinstein will retire from the board effective from May 1. Bed Bath & Beyond said it has had multiple discussions with members of the activist group of Legion Partners, Macellum Capital Management and Ancora Advisors, and invited them to participate in the board transformation process, which the group has so far declined. The board will consist of 10 directors with the average director tenure being less than four years.