Just months after overseeing Overstock.com's acquisition of struggling retail giant Bed Bath & Beyond, CEO Jonathan Johnson has left the company. On the same day, the company unveiled its new official name, "Beyond,” signaling a new direction for the brand. David Nielsen, Beyond's president, has been named an interim CEO.
"Following the recent acquisition of the Bed Bath & Beyond brand and our corporate renaming as Beyond, Inc., the Board, and Jonathan determined that this is the ideal time for a transition in leadership to guide the company forward," Beyond board chair Allison Abraham said in a statement.
Beyond Inc. will continue to sell furniture and home furnishings through its e-commerce channels bearing the Bed Bath & Beyond brand name.
“I am incredibly proud of all that we have achieved to transform the company since becoming CEO – evolving to a leading online home retailer with an iconic name and a large, growing consumer base,” Johnson said. “As the company turns the page to become Beyond, now is the right time for me to also turn the page to the next chapter in my career. It has been an honor to work with such an exceptional team. I am confident the company is well-positioned to achieve broader popular reach as a bigger and better Beyond.”
A Retail Giant's Journey to ‘Beyond’
Bed Bath & Beyond filed for chapter 11 bankruptcy this year and announced it would shutter all remaining stores. At the time, the company acquired a $240 million loan to help negotiate the process and support itself through the remainder of its operations. However, the company says it would abandon plans to close stores in the event of a successful purchase agreement.
In the end, Overstock bought Bed Bath & Beyond out of bankruptcy. In June, Overstock.com Inc. completed its acquisition of the Bed Bath & Beyond brand and its related intellectual property.
Following the acquisition, Overstock.com Inc. underwent a rebranding and was officially relaunched as Bed Bath & Beyond. The rebranded Bedbathandbeyond.com – formerly Overstock.com – and the brand's new mobile app were launched in the U.S. on August 1. During this time, the retailer shifted its focus to digital commerce for home goods.
In August 2022, the store drew up plans to shutter 150 lower-performing stores and cut about 20% of jobs across the corporate and supply chain workforce. At the time, the retailer also witnessed the departure of its CEO Mark Tritton after just three years, resulting in the permanent appointment of interim CEO, Sue Gove.