Bed Bath & Beyond names new chairman

Bed Bath & Beyond Inc.’s co-founders are retiring from the Union-based retailer’s board of directors as part of a series of changes to the board, the company announced Monday.

The company is facing challenges from activist investors, but said in a news release that they declined to participate in the transformation process.

Under the announced changes, five current independent directors are stepping down — and being replaced — while company co-founders Warren Eisenberg and Leonard Feinstein have been named co-founders and co-chairmen emeriti. The company’s lead independent director, Patrick Gaston, has been named independent chairman, effective immediately.

“As we have communicated to Bed Bath & Beyond shareholders, the board has been undertaking a comprehensive review of its composition, governance structure and compensation practices,” Gaston said in a prepared statement. “The changes announced today reflect significant shareholder input and underscore our commitment to ensuring we have best-in-class governance. This board transformation and refreshed governance structure is rooted in accountability, transparency and collaboration, and, as we provide oversight and move the company forward, we are committed to continuing to act in the best interest of our shareholders.”

Bed Bath & Beyond also said it is implementing governance enhancements as part of its business transformation efforts.

CEO Steven Temares is remaining on the board, as is Stevens Institute of Technology Trustee and former Verizon executive Virginia Ruesterholz, among others.

The board changes are effective May 1.