UNION, N.J., June 1, 2020 /PRNewswire/ -- Bed Bath &
Beyond Inc. (Nasdaq: BBBY) today announced that Harriet Edelman has been appointed as
independent Chair of the Board, effective immediately.
Patrick Gaston has stepped down as
Chairman of the Board and, after 13 years as a director of the
Company, has notified the Board that he does not plan to stand for
re-election at the Company's 2020 Annual Meeting of
Shareholders.
Harriet Edelman said, "Building
on our history as the preëminent home retailer, we are bringing
great energy and focus to reinventing Bed Bath and Beyond - to
strongly connect with, inspire and serve today's customers and how
they want to shop. I am honored and thrilled to Chair this
iconic company, serve our shareholders, partner with the Board,
Mark and the new leadership team, and help ignite growth and
profitability. On behalf of my fellow Board members, I wish
to express our appreciation and gratitude for Patrick's many years
as a member of the board, his leadership as Chairman, and his role
helping our Company navigate this time of change. I also want
to recognize and thank our management team and associates for their
extraordinary efforts to protect and serve our customers,
communities, and business in this COVID-19 environment."
Mark Tritton, President &
CEO, said, "I am extremely grateful to Patrick for his stewardship
and guidance since I joined the Company, including his support
through the COVID-19 situation. He has helped oversee substantial
change in the governance, leadership and strategic direction of the
business and leaves a strong legacy from which we can build.
I want to congratulate Harriet on her appointment as Chair of the
Board. She has an unparalleled passion for our business and I
look forward to working constructively with her and the Board as we
continue to execute our vision together."
Patrick Gaston said, "It has been
a privilege to serve this wonderful business for so many
years. I am proud of our achievements together and confident
that we have assembled the right team, with a clear strategy to
rebuild the foundations of the business. This is an
extraordinary time for our communities and I look forward to
continuing my lifelong work helping businesses have a meaningful,
positive impact in society. I believe in the strength of our
brand and the future of Bed Bath & Beyond under the stewardship
of Mark and the leadership team. I would also like to
congratulate Harriet on her well-deserved appointment as Chair and
to thank my fellow Board members and the thousands of Bed Bath
& Beyond associates for their support and inspiration over many
years."
In connection with Ms. Edelman's appointment as Chair of the
Board, she has stepped down as Chair of the Audit Committee. The
Board has appointed Joshua Schechter
as Chair of the Audit Committee, effective immediately.
About Harriet Edelman
Harriet Edelman is an
accomplished senior executive with over thirty years of global
operating experience in consumer goods and financial services.
Harriet has served on large public company boards for nearly
20 years in the U.S. and Europe.
She currently serves on the Board of Directors of Assurant,
Inc. and Brinker International, Inc. Harriet is currently
Special Advisor to the Chairman of Emigrant Bank, and previously
spent over 25 years at Avon Products, Inc. until 2008, rising to
senior leadership positions in Marketing, Sales, New Product
Development, Business Strategy and Transformation, Global Supply
Chain and Information Technology. Harriet also serves as
Vice Chairman of the Board of Trustees of Bucknell
University.
About Bed Bath & Beyond Inc.
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is
an omnichannel retailer that makes it easy for our customers to
feel at home. The Company sells a wide assortment of domestic
merchandise and home furnishings. The Company also provides a
variety of textile products, amenities and other goods to
institutional customers in the hospitality, cruise line, healthcare
and other industries. Additionally, the Company is a partner
in a joint venture which operates retail stores in Mexico under the name Bed Bath &
Beyond.
Forward Looking Statements
This press release contains forward-looking statements,
including, but not limited to, the Company's progress and
anticipated progress towards its long-term objectives. Many
of these forward-looking statements can be identified by use of
words such as may, will, expect, anticipate, approximate, estimate,
assume, continue, model, project, plan, goal, and similar words and
phrases, although the absence of those words does not necessarily
mean that statements are not forward-looking. The Company's
actual results and future financial condition may differ materially
from those expressed in any such forward-looking statements as a
result of many factors. Such factors include, without
limitation: general economic conditions including the housing
market, a challenging overall macroeconomic environment and related
changes in the retailing environment; risks associated with
COVID-19 and the governmental responses to it, including its
impacts across the Company's businesses on demand and operations,
as well as on the operations of the Company's suppliers and other
business partners, and the effectiveness of the Company's actions
taken in response to these risks; consumer preferences, spending
habits and adoption of new technologies; demographics and other
macroeconomic factors that may impact the level of spending for the
types of merchandise sold by the Company; civil disturbances and
terrorist acts; unusual weather patterns and natural disasters;
competition from existing and potential competitors across all
channels; pricing pressures; liquidity; the ability to achieve
anticipated cost savings, and to not exceed anticipated costs,
associated with organizational changes and investments; the ability
to attract and retain qualified employees in all areas of the
organization; the cost of labor, merchandise and other costs and
expenses; potential supply chain disruption due to trade
restrictions, and other factors such as natural disasters, such as
pandemics, including the COVID-19 pandemic, political instability,
labor disturbances, product recalls, financial or operational
instability of suppliers or carriers, and other items; the ability
to find suitable locations at acceptable occupancy costs and other
terms to support the Company's plans for new stores; the ability to
establish and profitably maintain the appropriate mix of digital
and physical presence in the markets it serves; the ability to
assess and implement technologies in support of the Company's
development of its omnichannel capabilities; the ability to
effectively and timely adjust the Company's plans in the face of
the rapidly changing retail and economic environment, including in
response to the COVID-19 pandemic; uncertainty in financial
markets; volatility in the price of the Company's common stock and
its effect, and the effect of other factors, including the COVID-19
pandemic, on the Company's capital allocation strategy; risks
associated with the ability to achieve a successful outcome for its
business concepts and to otherwise achieve its business strategies;
the impact of intangible asset and other impairments; disruptions
to the Company's information technology systems including but not
limited to security breaches of systems protecting consumer and
employee information or other types of cybercrimes or cybersecurity
attacks; reputational risk arising from challenges to the Company's
or a third party product or service supplier's compliance with
various laws, regulations or standards, including those related to
labor, health, safety, privacy or the environment; reputational
risk arising from third-party merchandise or service vendor
performance in direct home delivery or assembly of product for
customers; changes to statutory, regulatory and legal requirements,
including without limitation proposed changes affecting
international trade; changes to, or new, tax laws or interpretation
of existing tax laws; new, or developments in existing, litigation,
claims or assessments; changes to, or new, accounting standards;
and foreign currency exchange rate fluctuations. The Company
does not undertake any obligation to update its forward-looking
statements.
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SOURCE Bed Bath & Beyond Inc.