Dive Brief:
- Beyond Inc. announced several leadership changes on Monday. Executive chairman Marcus Lemonis is now the company’s principal executive officer, after the company terminated the employment of 16-year company veteran Dave Nielsen.
- Adrianne Lee, Beyond’s chief financial officer, now has expanded responsibilities as president and CFO, while Leah Putnam is now the chief accounting officer. Putnam was previously the company’s vice president of finance and controller.
- Beyond also named Alexander Thomas chief operating officer. Thomas had served as the company’s senior vice president of finance and corporate development for nearly a year. He first joined the company in 2020.
Dive Insight:
Beyond’s leadership changes come about two weeks after Lemonis told investors and analysts that the company, whose brand portfolio includes Bed Bath & Beyond and Overstock, is unlikely to turn a profit this year.
“We are committed to making money and returning this business to growth and will not let any obstacles deter that goal,” Lemonis said in a statement on the executive changes. “This leadership team is best suited to carry out our mandate of delivering profitable commerce.”
Beyond posted a $191 million operating loss and a $259 million net loss last year.
Nielsen was terminated effective Monday. In a regulatory filing, the company said it plans to offer a separation agreement to Nielsen. The terms were not immediately disclosed. He held various leadership positions during his tenure at the company, including as CEO of Overstock and as interim CEO of Beyond.
Lemonis joined Beyond as a director in October 2023. He was appointed board chairman two months later and became the executive chairman about a year ago. In his expanded leadership position, the company said Lemonis’ responsibilities include building brand expansion and strategic partnerships.
As part of his compensation package, Lemonis will receive an additional restricted 500,000 stock units, which are scheduled to vest in three equal installments through 2028, subject to his continued employment, according to a regulatory filing with the U.S. Securities and Exchange Commission.
Lee has served as CFO for five years. In her expanded role, she will work closely with Lemonis to drive the company’s pursuit of profitability. Lee said in a statement the company’s near-term priorities include extracting value from blockchain technology investments.
In addition to the leadership changes, Beyond said Monday it’s committing to a $15 million annualized fixed cost reduction. Over the last year, Lemonis said, Beyond’s business priorities included working to improve gross margin and reducing fixed costs.
Beyond has pursued several initiatives in recent months to reposition itself for growth. Those include a strategic partnership with Kirkland’s Home that could see the opening of a handful of brick-and-mortar Bed Bath & Beyond stores. In contrast, a $40 million deal with The Container Store that would have given Beyond a 40% equity stake fell through ahead of that company’s bankruptcy filing. The company also bought the rights to the BuyBuy Baby brand for $5 million in February, reuniting that brand with its former parent Bed Bath & Beyond.
