Beyond Inc. announced three executive leadership changes Tuesday.
Chandra Holt, a newcomer to the company, is Bed Bath & Beyond’s new CEO. Company veteran Dave Nielsen is the new CEO of the company’s Overstock banner and Adrianne Lee, Beyond’s chief financial officer, will take on an expanded role as chief financial and administrative officer. All of the appointments are effective immediately.
“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,” Marcus Lemonis, executive chairman of Beyond’s board of directors, said in the announcement. Lemonis was appointed to that leadership role on Friday.
Holt previously served as president and CEO of specialty retailer Conn’s HomePlus, which has 180 locations in 15 states. Holt also previously held leadership roles at Walmart and Target.
Nielsen joined Overstock in 2009 and has held several executive positions since. He became president in 2019 and has served as interim CEO following then-CEO Jonathan Johnson’s departure, overseeing operations for Beyond and Bed Bath & Beyond.
“Chandra’s retail and leadership expertise and proven e-commerce track record makes her an invaluable addition to our team to drive Bed Bath & Beyond forward,” Lemonis said. “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. I’m excited to see the collective impact Chandra, Dave, and Adrianne’s leadership will have on our business.”
Lemonis himself is a newcomer to the company. John Thaler, founder of investment firm JAT Capital, called for Johnson's removal in a Nov. 2 letter. At that time, JAT Capital owned about a 10% stake in the company. In addition to calling for Johnson's ouster, Thaler also advocated for Lemonis' appointment to a leadership position, describing him as "the most qualified and experienced individual on the board or involved with this company in any capacity." Johnson left the company days later.
According to the announcement and a filing with the U.S. Securities and Exchange Commission, Lemonis will not receive a salary for serving as chairman of the board. Instead, his compensation will be comprised of performance-based stock options. Lemonis is also currently the chairman and CEO of Camping World Holdings.
Lee has been CFO since 2020 and played a key role in Overstock’s acquisition of Bed Bath & Beyond last year, the company said. She also oversees legal, communications, investor relations and IT security functions.
Overstock rebranded to Beyond last year. The company last summer bought elements of Bed Bath & Beyond’s intellectual property at auction during bankruptcy. After championing that deal, Johnson left the company in November. With that transition, Bed Bath & Beyond joined Overstock as an online-only business.
