In a surprising move, the new Bed Bath & Beyond announced that CEO Jonathan Johnson would be immediately stepping down from his position. Johnson had been with the company, previously known as Overstock.com, for over 20 years and led its acquisition of Bed Bath & Beyond out of bankruptcy. Just two weeks ago, the company had been soliciting meetings with Johnson for Monday, indicating that the decision for him to step down came abruptly. David Nielsen, Beyond’s president and a former Payless ShoeSource executive, has taken over as interim CEO while the board searches for a permanent candidate.
The announcement of Johnson’s departure comes as the company undergoes a transition in corporate branding and strategic direction. Overstock.com recently acquired Bed Bath & Beyond and underwent a name change to Beyond Inc. The company’s board, along with Jonathan Johnson, determined that this transitional phase would be an optimal time for a change in leadership. Allison Abraham, Beyond’s board chair, stated that the company is well-positioned for growth and that Johnson’s departure follows a mutual agreement between him and the board.
Johnson expressed gratitude for the opportunity to work with an exceptional team and stated that the company is poised to achieve broader popularity as Beyond Inc. He also mentioned that now is the right time for him to turn the page and embark on the next chapter of his career. Johnson had taken over as CEO after the founder and former CEO, Patrick Byrne, revealed his relationship with a Russian spy. As the search for a permanent CEO begins, the company will continue its transformation and strive for success under new leadership.
