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Bed Bath & Beyond settles a months-long dispute with a group of activist investors

May 29, 2019, 16:58 IST

Getty/Kevork Djansezian

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  • Bed Bath & Beyond settled a months-long dispute with a group of activist investors Wednesday after announcing the appointment of four new directors to its board.
  • These investors released a brutal presentation earlier this year calling for the resignation of its CEO and a shakeup of the board.
  • Since then, CEO Steven Temares has stepped down, and the company has recruited nine new board members.
  • Visit Business Insider's homepage for more stories.

Bed Bath & Beyond settled a months-long dispute with a group of activist investors on Wednesday after announcing that it would be appointing four new directors to its board, just over a month after five other new directors joined the board in April.

The news comes just weeks after the company's former CEO, Steven Temares, stepped down after facing ongoing pressure from activist investors.

These investors, which collectively own around 5.23% of Bed Bath & Beyond's stock, released a brutal presentation calling for the Temares' resignation and a shakeup of the entire board.

Read more: 10 of the most brutal criticisms activist investors lobbed at Bed Bath & Beyond in a savage presentation

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But on Wednesday the two parties finally seemed to make peace.

"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.

"Together with the existing Board members, these four new independent directors will help the Company navigate the current omnichannel retail environment and pursue our shared goal of enhancing shareholder value," the group of investors wrote in a statement on Wednesday.

Bed Bath & Beyond has come under intense pressure in recent year as sales have slipped and it has been accused of failing to adapt to the changing retail environment and compete with online sellers.

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