May 29, 2019 / 11:04 AM / 4 months ago

UPDATE 1-Bed Bath & Beyond says investor group withdraws board nominees after agreement

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May 29 (Reuters) - Bed Bath & Beyond Inc said on Wednesday a group of activist investors, which had pushed for sweeping changes at the home goods retailer, has withdrawn its slate of 10 board nominees after reaching an agreement with the company.

The group, comprising Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC, have been piling pressure on the company since March, when it demanded a new CEO as well as an overhauled board. Earlier this month, long-time Chief Executive Officer Steven Temares stepped down.

Bed Bath & Beyond also added four new directors, taking its board strength to 13, 12 of whom are independent directors.

The company said it had struck a settlement with the group, who will now vote in favor of all of company’s director nominees, and added that a litigation filed by one of the investor members had also been withdrawn.

“We are pleased to have reached this resolution with Bed Bath & Beyond, which is the result of collaborative dialogue and intensive engagement with the company,” the investor group said.

The company, which has struggled to keep pace with changing consumer tastes and shopping habits, said it was actively searching for a new CEO.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shinjini Ganguli

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