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The CEO of Bed Bath & Beyond has resigned following pressure from an activist investor. The company, which rebranded from “Overstock.com” to Bed Bath & Beyond earlier this year after acquiring the bankrupt retailer, announced the resignation of Johnathan Johnson on Monday (Nov. 6).
Bed Bath & Beyond CEO Jonathan Johnson is stepping down from his role, the company said Monday. The departure came suddenly, though the company said Johnson and Beyond parted under "mutual agreement.
JAT Capital, which owns a 9.6% stake in Beyond, last week urged the board to replace CEO Johnson, arguing that he is to blame for the company's poor financial performance.
CEO Jonathan Johnson stepped down Monday the first day Overstock made its transition to newly named Beyond
Beyond Inc. CEO Jonathan Johnson has stepped down as CEO and from the company's board, the former Overstock.com Inc. OSTK, +5.47% announced Monday. Johnson's departure follows a mutual agreement between the CEO and the board to transition the company to new leadership, according to a statement.
Overstock is trying to improve its prospects by leveraging the newly acquired Bed Bath & Beyond brand. One director apparently believes in the strategy, considering he just increased his ownership stake in the business.
Providing a much-needed confidence boost, Overstock.com (NASDAQ: OSTK ) Director Marcus Lemonis recently bought roughly $600,000 worth of OSTK stock. The move comes following the underlying online retailer's disclosure of its third-quarter earnings report.
Several months back, Bed Bath & Beyond was not on anyone's radar as a player in the 2023 holiday season. However, Overstock.com's acquisition of the once-struggling retailer, which had gained favor among meme stock enthusiasts, is not just preserving its importance but also serving as a catalyst for the online retail giant.
BedBath&Beyond.com CEO Jonathan Johnson said the company invested $150M to launch the brand, reignite the customer profile and ensure it maintained its core customers.
Overstock.com's (OSTK) third-quarter 2023 reflect a year-over-year decline in both the top and bottom lines.