April 26, 2019 / 1:24 PM / a month ago

Activist investors pile on pressure for removal of Bed Bath & Beyond CEO

April 26 (Reuters) - A group of activist investors on Friday again urged Bed Bath & Beyond to replace Chief Executive Officer Steven Temares and laid out a plan including cost cuts and better inventory management to improve the company’s profitability.

The investor group, comprising Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC, said the company management shake-up last week was not enough to turn around its fortunes and appeared hastily constructed.

The group of investors, who collectively own a stake of about 5 percent in the company, first called for Temares’ ouster in March. (Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel)

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