Shares of Bed Bath & Beyond Inc. fell 1.5% in morning trade Friday, after an activist investor group proposed a plan to modernize the home furnishings retailer's strategies, boost earnings and shareholder value, starting with ousting the CEO. As part of the plan, the investor group, which includes Legion Partners Holdings LLC, Macellum Advisors GP LLC and Ancora Advisors LLC, said Chief Executive Steven Gemares "must be immediately replaced" to avoid further destruction of value. Temares has been CEO since 2003, and has been part of leadership since the company went public in 1992. The group said its plan, which also includes fixing the merchandise over-assortment, increasing employee training, improving vendor relations and cutting costs, will help boost annual earnings to $5.00 a share; the FactSet EPS consensus for 2019 is $1.96. The stock has lost 6.2% over the past 12 months, while the SPDR S&P Retail ETF has gained 0.1% and the S&P 500 has advanced 9.7%.
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