Midvale, Utah – Marcus Lemonis, CEO of Camping World and star of the erstwhile CNBC business makeover show “The Profit,” is stepping up his involvement with the new Bed Bath & Beyond operation.
Lemonis has been named co-chairman alongside current chair Allison Abraham, who is now also co-chair. He joined the board as an independent director in October prior to Overstock Inc. changing its corporate identity to Beyond Inc.
As co-chair, Lemonis said he is “intensely focused” on working with management to drive financial results.
“While the team has begun taking decisive actions to restructure the company for a better future, I am eager for what lies ahead in the months to come,” he added.
The company has been looking for a CEO since the ouster of Jonathan Johnson earlier this month. Activist investor John Thaler, whose JAT Capital owns a 9.6% stake in Beyond Inc., has been advocating for Lemonis to be put in the role. However, Lemonis recently told CNBC he was not interested in becoming CEO. Instead, it reported, he expected to be named executive chairman when he joined the board.
Abraham cited Lemonis’ experience as a public company chairman and CEO, particularly his knowledge in retail, branding and customer engagement.
“Both of us, along with rest of the board and management team, are unified in our overarching goals of driving enhanced value for shareholders,” she said.