- In a sudden and surprising move, new company Bed Bath & Beyond announced the separation of its CEO Jonathan Johnson.
- Two weeks ago, the company requested a meeting with Johnson on Monday.
- Johnson worked for the company formerly known as Overstock.com for more than 20 years and led the acquisition of Bed Bath & Beyond out of bankruptcy.
Jonathan Johnson, CEO of Overstock.com, June 29, 2023.
Scott Mlyn | CNBC
New company Bed Bath & Beyond announced Monday that its CEO Jonathan Johnson is resigning from his position immediately in a sudden and surprising move.
Johnson had been CEO of Overstock since 2019. He led the company through its acquisition of Bed Bath & Beyond earlier this year and the change of the company’s name to Beyond Inc., which took effect Monday.
David Nielsen, president of Beyond and former CEO of Payless ShoeSource, has taken over as interim CEO while the board searches for a permanent candidate.
“Following the recent acquisition of the Bed Bath & Beyond brand and the rebranding of our company as Beyond, Inc., the Board of Directors and Jonathan concluded that this is the ideal time for a leadership transition to move the company forward,” said Allison Abraham, Board of Beyond Chairman said in a statement.
The company said Johnson’s departure was “by mutual agreement” between himself and the board in order to hand the company over to new leadership, but the move still appears sudden. About two weeks ago, the company told reporters that Johnson would be in New York on Monday – the same day the company’s name change took effect – and that he would be available for meetings in the afternoon.
The company did not immediately respond to a request for comment seeking additional information.
“As the company paves the path to Beyond, now is the right time for me to also embark on the next chapter of my career,” Johnson said in a statement. “It was an honor to work with such an exceptional team. I am confident that the company is well positioned to achieve greater reach as a bigger and better Beyond.”
Johnson had been with the company for more than 20 years and took over as CEO after founder and former CEO Patrick Byrne disclosed that he had a relationship with a Russian spy.