There are lots of changes going on at Beyond Inc., the online home furnishing company formerly known as Overstock.com Inc., and now the owner of Bed Bath & Beyond. And most of the action takes place in the ranks of company executive management.
This morning, Beyond, No. 50 in the Top 1000, announced that CEO Jonathan Johnson has stepped down. Johnson’s departure follows mutual agreement by the Beyond board and Johnson to transition the company to new leadership, Beyond says. The hunt for a new CEO is underway. The Top 1000 database is Digital Commerce 360’s ranking of the largest North American online retailers. Bed Bath & Beyond ranked No. 47 prior to its bankruptcy.
Beyond begins CEO hunt
While the search proceeds, company president David Nielsen will serve as interim CEO. Adrianne Lee, chief financial officer, will expand her responsibilities to oversee legal and human resources functions in addition to the finance organization.
As president, Nielsen oversees the company’s marketing, algorithms, customer, digital, technology, and sourcing and operations organizations. Prior to this role, Nielsen served as Overstock’s chief sourcing and operations officer.
“Following the recent acquisition of the Bed Bath & Beyond brand and our corporate renaming as Beyond, Inc., the board and Jonathan determined that this is the ideal time for a transition in leadership to guide the company forward,” says board chairman Allison H. Abraham.
In 2022, Johnson made total compensation of about $2.95 million, including a base salary of $871,154, according to company filings with the U.S. Securities and Exchange Commission. Nielsen in 2022 earned $1.41 million in compensation that included a base salary of $573,077.
In September, Angela Hsu stepped down as chief marketing officer at Overstock.com, which acquired the intellectual property assets of bankrupt retail chain Bed Bath & Beyond in June for about $21.5 million. As chief marketing officer for Overstock, Hsu made $842,557 in total compensation in 2022 .
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