Bed Bath & Beyond requests tZERO board replace CEO

Bed Bath & Beyond sent a letter, as tZERO’s largest equity holder, to tZERO’s Board of Directors requesting it to replace tZERO’s CEO. Executive Chairman Marcus Lemonis said, “I am writing to you again as a follow-up to my prior letters, which to date have gone unanswered. While we deeply value our partnership with ICE and the other shareholders, and while we recognize the contributions of the current Board of Directors, we are puzzled and increasingly frustrated by the lack of visible progress in the business. The time has come for real change. Hundreds of millions of dollars have been invested in this asset, and we can no longer stand by while performance continues at its current level. We firmly believe that tZERO has extraordinary potential with its unique special purpose license, its intellectual property and patents, and the proven knowledge of its employees. The marketplace is presenting multiple opportunities, from tokenization portfolios to investment partners ready to participate. We must seize this moment. After careful consideration, we are respectfully requesting that the Board make a strong recommendation to change leadership at the CEO position so the company can move forward with urgency. We are grateful for the work that has been done to this point, but we believe very strongly that a change at the top is now required to unlock the full potential of this business. We ask that the Board convene within the next 48 hours to deliberate and make a decision on this matter. Further, we ask to be informed of the outcome of that discussion, particularly if a vote is taken, including access to the relevant board minutes. We remain confident that the Board understands the tremendous opportunity in front of us, and we remain committed to working alongside you to ensure that tZERO achieves its potential and delivers the value that all shareholders, including Beyond’s shareholders, deserve.”