Gamestop Chairman Ryan Cohen now owns a big stake of Bed Bath & Beyond and says CEO Mark Tritton is failing at his job and is overpaid.
In the letter, Cohen warned that Bed Bath & Beyond is "struggling to reverse sustained market share losses, stem years-long share price declines and navigate supply chain volatility." He also expressed concern about the compensation of Bed Bath & Beyond's leadership, including chief executive officer Mark Tritton, "relative to performance and its strategy for reigniting meaningful growth.
"These results cannot be solely blamed on the pandemic when other retailers are nearing or exceeding 2019 sales levels," Cohen wrote. "That is why we feel compelled to scrutinize the viability of the Company’s extremely ambitious and widely-touted strategy."
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