Investment firm JAT Capital sent Bed, Bath & Beyond’s board its second open letter of the month last week. This time, JAT founder John Thaler, is criticizing the board for creating the worst boardroom crisis he’s ever seen.
On Friday, Thaler wrote a letter to the board of Beyond, Inc shredding its corporate governance practices. JAT owns a 9.6% stake in Beyond, the company used to be known as Overstock.com until it bought Bed, Bath and Beyond out of bankruptcy in June and rebranded itself as such. Thaler’s scathing letter to Beyond’s board of directors accused it of being needlessly secretive, gearing up for a nonexistent proxy battle, and botching a CEO succession plan.
