On the same day that Overstock.com officially changed its corporate name, the company also announced the departure of its CEO.
Beyond on Monday said that longtime company executive Jonathan Johnson has stepped down following “mutual agreement with the board” as chief executive and board member, effective immediately. David Nielsen, president of Beyond, is taking on an expanded role as interim CEO while the company conducts an internal and external search for a permanent chief.
Johnson joined the company in 2002 as general counsel. He served as acting and interim CEO for two brief periods (in 2013 and 2019 respectively) and was appointed CEO in September 2019.
In October, Overstock.com, which has been operating as Bed Bath & Beyond following its acquisition of the bankrupt retailer’s intellectual property in June, announced it was changing its corporate name to Beyond, Inc., effective Nov. 6, and its moving stock listing from the Nasdaq Global Market to the NYSE under the new ticker symbol BYON.
“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,” said board chair Allison H. Abraham. “Jonathan has been integral to the company’s successful evolution over more than two decades of service. We thank him for his leadership, foresight and immense contributions that helped build the company into the leading online furniture and home furnishings retailer that it is today and is now poised to capture greater opportunities in the future.”
Johnson’s departure comes as the retailer has been under pressure from activest investor JAT, which has been calling for a change in leadership.
“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,” said Johnson.
Interim CEO Nielsen has served as Beyond’s president since 2019, leading the company's marketing, algorithms, customer, digital, technology, and sourcing and operations organizations. Prior, he served as Overstock's chief sourcing and operations officer.
Previously, Nielsen had spent six years with Overstock, rising to co-president and leading the company's marketing, merchandising, and supply chain operations. He left Overstock to become CEO at Global Access, a global provider of logistics technology and cross border expertise.
Nielsen also held leadership positions with Payless ShoeSource, Inc., including vice president of merchandise allocation, responsible for the planning and allocation of merchandise across 4,500 stores in the U.S., Canada and Puerto Rico.
“The board is confident that Dave is the right person to advance the company’s transformation through this interim period,” added Abraham. “He is currently responsible for key functions across the organization and will continue to lead our ongoing strategic initiatives in addition to new ones.”