Beyond appoints new executives, plans Overstock relaunch

Beyond Inc. announced changes to its leadership team on Feb. 20., with three people taking on new 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 become executive chairman of the board of directors.

Beyond Inc. is No. 49 in the Top 1000. The database is Digital Commerce 360’s ranking of the largest North American online retailers. Bed Bath & Beyond ranked No. 47 prior to its bankruptcy. 

Overstock bought Bed Bath & Beyond’s intellectual 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 changed its name to operate under Beyond, Inc.

Beyond’s leadership changes

Chandra Holt, incoming CEO of Bed Bath & Beyond, is new to the company. She was previously CEO and president of Conn’s HomePlus (No. 700 in the Top 1000). Before that, Holt worked as executive vice president of ecommerce at Walmart (No. 2) and chief operating officer of

Beyond named Dave Nielsen CEO of Overstock.

Dave Nielsen, now CEO of Overstock, previously served as interim CEO of Beyond during 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 as the retailer rebranded under the new name.

Adrianne Lee joined Overstock in 2020 as chief financial officer. In her expanded role, she will also oversee legal and human resources functions, Beyond said.

“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,” Lemonis said in a written statement. “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. 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 joined the board of directors in October 2023 and became chairman of the board in December. In a Nov. 2 letter, John Thaler, founder of investment firm JAT Capital, called for Lemonis to be put in charge as the “most qualified and experienced individual on the board or involved with this company in any capacity.” 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. Active customers declined 9% to 5.6 million, and the retailer reported a net loss of $161 million.

For the full year, Beyond reported revenue declined 19% to $1.6 billion. Net loss was $308 million.

The retailer plans to relaunch within five weeks, it said. That’s an accelerated timeline from the original plan of September 2024, and will be a “silver bullet,” Lemonis said. The two different storefronts will have different purposes, he said. Overstock customers make bigger, less frequent purchases and tend to have high incomes, he said. Average order value at Overstock is more than $50 higher than at Bed Bath & Beyond, where customers make more regular, less expensive 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 clear path to profitability,” Lemonis said.

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2024-02-21 22:22:34

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