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(Reuters) - Bed Bath & Beyond Inc said on Monday it appointed five new independent members to its board, replacing some directors including co-founders Warren Eisenberg and Leonard Feinstein, after facing pressure from a trio of activist investors. Shares of the New Jersey-based home furnishing retailer fell about 3 percent in mid-day trade. Last month, activist investors Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC urged Bed Bath & Beyond to replace its entire board and oust Chief Executive Steven Temares, citing the company’s inability to grow sales and margins.
The company’s latest board shake-up, however, did not please the trio, louis philippe cufflinks price which declined an invitation to participate in the transformation of the board, Legion Partners said it was “disappointed” with the fact that the CEO would continue in his post, The investors said the new additions to the board do not have the required skill sets and retail experience to effect swift and real change as opposed to their slate of 16 members with varied retail experience, Bed Bath & Beyond said its new appointees are “leaders in the fields of global retail, merchandising, technology, logistics, finance and governance” and have held senior positions in companies such as Amazon, Avon Products and Family Dollar Stores..
“The changes announced today reflect significant shareholder input and underscore our commitment to ensuring we have best-in-class governance,” said Patrick Gaston, who was named an independent chairman. Following the changes effective May 1, the board will comprise 10 directors, nine of whom are independent and six women, the company said. The retailer has struggled to keep pace with changing consumer tastes and shopping habits over the years, even after introducing experimental store formats, investing in its decorative furnishing business and digital platforms.
In its latest results, the retailer forecast dismal first-quarter profits that raised doubts on the efficacy of its turnaround plan, “We still believe investors would like to see changes to the management team,” Telsey Advisory Group analyst Cristina Fernandez said, Shares of the retailer have risen nearly 26 percent since March 26 when the activist investors demanded changes in the company, The stock is also heavily shorted, with 35.65 percent of company shares being held by short sellers as of March 29, according to Refinitiv louis philippe cufflinks price IBES data..
SHANGHAI (Reuters) - Video of a parked Tesla Inc Model S exploding and a Wall Street downgrade of the electric carmaker’s stock pushed shares down 4 percent on Monday, as it prepared to issue results for a troubled first quarter. Brokerage Evercore cut its recommendation on shares of the Silicon Valley company to “sell”, becoming the twelfth brokerage to ask investors to abandon billionaire Elon Musk’s venture and raising bearish sentiment to its highest ever. Musk and Tesla have faced a range of challenges over the past year as one of the leaders in electric vehicle technology sought to ramp up production, deliveries and sales of the Model 3 sedan seen as crucial to its long-term profitability.
The company, which is struggling with deliveries of its higher-priced Model S and X luxury cars, said it has sent a team to investigate the video on Chinese social media apparently showing the latest in a string of fires involving its cars, The video, time stamped Sunday evening and widely shared on China’s Twitter-like Weibo, shows the parked vehicle emitting smoke and bursting into flames seconds louis philippe cufflinks price later, A video purportedly of the aftermath showed a line of three cars completely destroyed..
Reuters was not immediately able to verify the origins of the video, which Weibo users said was taken in Shanghai. The cause of the explosion could not be immediately ascertained from the videos. “We immediately sent a team onsite and we’re supporting local authorities to establish the facts. From what we know now, no one was harmed,” Tesla said in a statement. It declined to comment further when contacted by Reuters. There have been at least 14 instances of Tesla cars catching fire since 2013, with the majority occurring after a crash.
“The car fire is just another data point of continued difficulties,” Roth Capital analyst Craig Irwin wrote in an email, “Not a lot of good news for Tesla these days.”, Tesla will report its first-quarter results on Wednesday and had flagged in February that it expects to post a loss as it launched a cheaper $35,000 Model 3 sedan, “We remain encouraged by Tesla’s vision and future growth prospects, but there is increased uncertainty around near-term demand versus previous louis philippe cufflinks price bullish forecasts and growth cannot stall for a growth company,” Evercore analysts wrote in their note downgrading the shares..