Bed Bath & Beyond CEO resigns amid inventory pileup move

The new Bed Bath & Beyond company announced Monday that its CEO, Jonathan Johnson, is Step down immediately From his position in a sudden and sudden move.

Johnson has been CEO of Overstock since 2019. He led the company through its acquisition of Bed Bath & Beyond earlier this year and changing the company name to Beyond Inc., which took effect Monday.

David Nielsen, president of Beyond and former CEO of Payless ShoeSource, has served as interim CEO while the board undergoes a search for a permanent candidate.

“Following the recent acquisition of the Bed Bath & Beyond brand and the rebranding of our company as Beyond, Inc., the Board of Directors and Jonathan have decided that this is the ideal time for a transition in leadership to guide the company forward,” Allison Abraham, Beyond Board of Directors Chair, said in a statement.

The company said that Johnson’s departure “comes after a mutual agreement” between him and the board of directors to transfer the company to new leadership, but this move still seems surprising. About two weeks ago, the company told reporters that Johnson would be in New York on Monday — the same day the company’s name change took effect — and said he would be available for meetings that afternoon.

The company did not immediately respond to a request for comment seeking additional information.

“As the company turns the page to becoming Beyond, this is the right time for me to also turn the page to the next chapter in my career,” Johnson said in a statement. “It has been an honor to work with such an exceptional team. I am confident that the company is well-positioned to achieve broader grassroots reach as a bigger and better Beyond.”

Johnson has worked at the company for more than 20 years and assumed the position of CEO after its founder and former CEO, Patrick Byrne, revealed that he had a relationship with a Russian spy.