The New Bed Bath & Beyond CEO Exits the Company
The new Bed Bath & Beyond announced Monday its CEO, Jonathan Johnson, is immediately stepping down from his position just days after activist hedge fund JAT Capital called for his ouster. JAT Capital, which has a 9.6 percent stake in the company, sent a letter to the board dated Thursday that blamed Johnson for the company’s poor financial performance and said he needs to be “removed immediately.” Johnson had been Overstock.com's chief executive since 2019. He led the company through its acquisition of Bed Bath & Beyond earlier this year. David Nielsen, Beyond’s president and a former Payless ShoeSource executive, has taken over as interim CEO while the board undergoes a search for a permanent candidate.
Total Retail's Take: There's been a lot of change at what is now formerly Overstock, with the retail company having renamed itself Beyond, Inc. With Johnson's exit, the question becomes who will be the next CEO to lead Beyond into the future. While Nielsen has been named as interim CEO, JAT Capital, the activist investor that pushed for Johnson's ouster, is pushing for Marcus Lemonis, CEO of the Camping World and new addition to the Beyond, Inc. corporate board, to take over on a permanent basis. Whoever is named to the top position will have their work cut out for them in turning around Beyond's financial standing.
