Beyond Inc. announced changes to its leadership team on Feb. 20., with three people taking over latest roles. Beyond is the parent company of Bed Bath & Beyond and Overstock.
On Tuesday, Beyond announced that Chandra Holt will take over as CEO of Bed Bath & Beyond. It also appointed Dave Nielsen as CEO of Overstock. Chief financial officer Adrianne Lee took on an expanded role as chief financial and administrative officer. All three appointments were effective immediately.
The previous week, Beyond announced Marcus Lemonis would change into executive chairman of the board of directors.
Beyond Inc. is No. 49 within the Top 1000. The database is Digital Commerce 360’s rating of the biggest North American online retailers. Bed Bath & Beyond ranked No. 47 prior to its bankruptcy.
Overstock bought Bed Bath & Beyond’s mental property for $21.5 million in June 2023 after the retailer filed for bankruptcy. In August, Overstock relaunched the Bed Bath & Beyond ecommerce website and later modified its name to operate under Beyond, Inc.
Beyond’s leadership changes
Chandra Holt, incoming CEO of Bed Bath & Beyond, is latest to the corporate. She was previously CEO and president of Conn’s HomePlus (No. 700 within the Top 1000). Before that, Holt worked as executive vp of ecommerce at Walmart (No. 2) and chief operating officer of SamsClub.com
Beyond named Dave Nielsen CEO of Overstock.
Dave Nielsen, now CEO of Overstock, previously served as interim CEO of Beyond throughout the retailer’s search to fill the role. Nielsen held several other roles at Overstock, including president and chief sourcing and operations officer.
Previous CEO of Overstock Jonathan Johnson stepped down in November because the retailer rebranded under the brand new name.
Adrianne Lee joined Overstock in 2020 as chief financial officer. In her expanded role, she can even oversee legal and human resources functions, Beyond said.
“Beyond is within the midst of an excellent transformation that required changes to the manager team structure in support of our strategic objectives to drive shareholder value,” Lemonis said in a written statement. “Chandra’s retail and leadership expertise and proven e-commerce track record makes her a useful addition to our team to drive Bed Bath & Beyond forward. With Dave’s extensive experience in furniture and residential furnishings, e-commerce and retail liquidation, I’m confident he’ll quickly reignite the priceless Overstock brand. I’m excited to see the collective impact Chandra, Dave, and Adrianne’s leadership may have on our business.”
Lemonis joined the board of directors in October 2023 and have become chairman of the board in December. In a Nov. 2 letter, John Thaler, founding father of investment firm JAT Capital, called for Lemonis to be put in charge because the “most qualified and experienced individual on the board or involved with this company in any capability.” He also called for Johnson’s removal as CEO.
Beyond Q4 earnings result
Beyond reported revenue declined 5% to $384 million in its fiscal fourth quarter ended Dec. 31. Energetic customers declined 9% to five.6 million, and the retailer reported a net lack of $161 million.
For the complete yr, Beyond reported revenue declined 19% to $1.6 billion. Net loss was $308 million.
The retailer plans to relaunch Overstock.com inside five weeks, it said. That’s an accelerated timeline from the unique plan of September 2024, and might be a “silver bullet,” Lemonis said. The 2 different storefronts may have different purposes, he said. Overstock customers extend, less frequent purchases and are likely to have high incomes, he said. Average order value at Overstock is greater than $50 higher than at Bed Bath & Beyond, where customers make more regular, cheaper purchases.
Beyond projected $2 billion in revenue in 2024, and $3 billion in 2025.
“This projected revenue improvement, coupled with improved margins and a reduced expense structure, provides a transparent path to profitability,” Lemonis said.
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