Beyond, Inc – parent of home goods retailer Bed Bath & Beyond – has announced key leadership changes with the hope to turn around its poor performance.
The company appointed Marcus Lemonis as executive chairman of the board, effective immediately. Lemonis has been a director of Beyond since October 2023.
In his new role, Lemonis will lead and execute strategic priorities, including “expanding customer offerings, driving operational excellence, and enhancing shareholder value”.
The firm also recruited Chandra Holt for the CEO role of Bed Bath & Beyond and named company veteran Dave Nielsenas as CEO of the Overstock brand.
Holt had held leadership roles at Walmart and Target before joining Conn’s HomePlus as president and CEO in 2021.
Nielsen joined the company in 2009 and most recently served as interim CEO and president, overseeing company operations for Beyond, Inc and Bed Bath & Beyond.
In addition, Adrianne Lee, chief financial officer at Beyond, Inc, has taken on an expanded role as chief financial & administrative officer.
“Beyond is in the midst of a great transformation that required changes to the executive team structure in support of our strategic objectives to drive shareholder value,” said Lemonis.
“Chandra’s retail and leadership expertise and proven e-commerce track record make her an invaluable addition to our team to drive Bed Bath & Beyond forward.
“With Dave’s extensive experience in furniture and home furnishings e-commerce and retail liquidation, I am confident he will quickly reignite the valuable Overstock brand.”
Bed Bath & Beyond was founded in 1971 in New Jersey. The retailer filed for Chapter 11 bankruptcy in April last year before being acquired by Overstock.com, an online home goods and decor retailer, in June.
In November, Overstock officially changed its name to Beyond, Inc and announced the departure of its then CEO Jonathan Johnson.
Beyond, Inc posted total net revenue of $384 million for the fourth quarter, a decrease of 5 per cent year on year, along with a net loss of $161 million.
For the full fiscal year, total net revenue plummeted 19 per cent to $1.6 billion, while net loss was $308 million.
