Ousted CEO Sues Bed Bath & Beyond Over Unpaid Severance Agreement

Bed Bath & Beyond Inc was sued on Friday by Mark Tritton, who was ousted last June as chief executive of the troubled home goods retailer, in a complaint accusing the company of failing to honor his $6,765,000 severance agreement.

According to the complaint filed in a New York state court in Manhattan, Tritton said Bed Bath & Beyond stopped making required bi-monthly payments in January, with its chief legal officer citing the need to preserve cash as the sole reason.

In those discussions, Bed Bath & Beyond “conceded Tritton was (and is) entitled” to severance payments, under his agreement dated four days after he was replaced as chief executive, the complaint said.

Read the source article at finance.yahoo.com