Bed Bath & Beyond Appoints Three New Directors
Billionaire Activist Investor Ryan Cohen Sells Stake, Nets $681 Million
Settlement Reached Between Company and Activist Investor
Bed Bath & Beyond (BBBY) has announced the appointment of three new directors to its board as part of a settlement agreement with activist investor Ryan Cohen. Cohen recently sold his entire stake in the company, netting a $681 million profit.
The settlement agreement includes the establishment of a four-member Strategy Committee, which will be led by Leslie Rosenzweig, a newly appointed director. The committee will focus on exploring strategic alternatives, including a potential sale of the company.
Cohen had previously pushed for changes at Bed Bath & Beyond, including the sale of its baby-focused Buybuy Baby business and a reduction in its store count. The new directors appointed to the board are expected to work with the company's management to address the challenges it faces.
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