Jonathan Johnson, CEO of the home furnishings retailer formerly known as Overstock.com, which operates as Bed Bath & Beyond, will step down from his post as well as the company’s board of directors, effective immediately. Beyond, Inc. (that’s the retailer’s new corporate name) has appointed current President David Nielsen as interim CEO while the board of directors searches for a permanent replacement. Additionally, as part of the executive transition, CFO Adrianne Lee will take on responsibility for legal and HR functions in addition to overseeing the finance organization.
Johnson oversaw Overstock.com’s purchase of Bed Bath & Beyond’s IP and digital assets with a $21.5 million bid in June 2023, and he discussed his vision for the company in an October 2023 interview with Retail TouchPoints.
“I am incredibly proud of all that we have achieved to transform the company since becoming CEO — evolving to a leading online home retailer with an iconic name and a large, growing consumer base,” said Johnson in a statement. “As the company turns the page to become Beyond, now is the right time for me to also turn the page to the next chapter in my career.”
Nielsen, who has served as Overstock.com’s President since 2019, joined the company in 2018 as Chief Sourcing and Operations Officer. Prior to that stint, he spent six years with Overstock.com in several executive roles, and also previously held a top merchandising and distribution job at Payless Shoe Source.
“The board is confident that Dave is the right person to advance the company’s transformation during this interim period,” said Allison Abraham, Chair of the board of directors in a statement. “He is currently responsible for key functions across the organization and will continue to lead our ongoing strategic initiatives in addition to new ones. Together Dave and Adrianne have nearly 15 years of experience at the company and have the full support of the board. They possess the right expertise and talent to lead the organization and drive improved performance while the board focuses on identifying the new CEO.”