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Activist investor successfully removes CEO of rebranded Bed Bath & Beyond
business2 years ago

Activist investor successfully removes CEO of rebranded Bed Bath & Beyond

Jonathan Johnson has stepped down as CEO of Beyond (formerly Overstock.com) under pressure from activist investor JAT Capital, which owns a 9.6% stake in the company. The hedge fund blamed Johnson for the company's poor financial performance and proposed that Marcus Lemonis, who recently joined Beyond's board, should become the new CEO. Dave Nielsen, Beyond's president since 2019, will serve as interim CEO while the search for a permanent replacement is underway. Overstock.com rebranded its website as Bed Bath & Beyond after acquiring intellectual property from the bankrupt company.