Bed Bath & Beyond activist investors pushing to replace board, CEO

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Bed Bath & Beyond activist investors pushing to replace board, CEO

Shopping carts are stacked up at a Bed Bath & Beyond store in Somerville, Massachusetts, U.S. June 17, 2016. REUTERS/Brian Snyder

(Reuters) – Three activist investors disclosed a combined 5 percent stake in Bed Bath & Beyond Inc on Tuesday, seeking to replace the entire board and oust long-time Chief Executive Officer Steven Temares.

Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC also announced the nomination of 16 independent candidates to the home furnishing retailer’s board.

The Wall Street Journal first reported about the developments late on Monday, sending the company’s shares up 24 percent before the opening bell on Tuesday.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel