Bed Bath & Beyond Inc. announced that it has entered into a cooperation agreement with Ryan Cohen and RC Ventures LLC (together, "RC Ventures"). As part of the agreement, three of RC Ventures' director designees – Marjorie L. Bowen, Shelly C. Lombard, and Ben Rosenzweig – will immediately join Bed Bath & Beyond's Board of Directors (the "Board") as new Independent Directors, and they will also stand for election as part of the company's slate at the 2022 Annual Meeting of Shareholders. The Board will temporarily expand to 14 members before reverting to 11 members following the Annual Meeting.

The three new directors collectively bring deep expertise in capital allocation, corporate governance, strategic planning, and transactions. In conjunction with the cooperation agreement, Bed Bath & Beyond announced that Ms. Bowen and Mr. Rosenzweig, will join a four-member Strategy Committee focused on exploring alternatives to unlock greater value from the Company's buybuy BABY banner. Bed Bath & Beyond Independent Director Sue Gove, an accomplished retail executive and experienced public company director, will serve as Chair of the Strategy Committee, and Independent Director, Andrea Weiss, Founding Partner, the O Alliance, LLC, a retail, digital and brand strategy consulting practice, CEO of Retail Consulting Inc. and an experienced public company director, will also serve on the Committee.

The Strategy Committee has the ability to retain independent advisors to support the development of recommendations that it will ultimately make to the full Board.