May 29, 2019 / 10:20 AM / 4 months ago

Bed Bath & Beyond says investor group withdraws board nominees

May 29 (Reuters) - Bed Bath & Beyond Inc said on Wednesday that an investor group, which had pushed for changes at the home goods retailer, has withdrawn its slate of ten board nominees after reaching an agreement with the company.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, piled pressure on the company since March to overhaul its board, which led to the ouster of long-time Chief Executive Officer Steven Temares.

Bed Bath & Beyond said it had struck a settlement with the activist investor group and appointed four new independent board members, adding that the litigation filed by a member of the investor trio had also been withdrawn.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shinjini Ganguli

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