Midvale, Utah – On the same day Overstock.com officially changes its corporate identity to Beyond Inc., the company announced its CEO is stepping down.
Beyond Inc. said Jonathan Johnson has stepped down as chief executive officer and a member of the board of directors, effective immediately.
“Mr. Johnson’s departure follows mutual agreement by the board and Mr. Johnson to transition the company to new leadership,” the company announced.
While the company searches for his successor, president David Nielsen is taking on the expanded role of interim CEO. In addition, CFO Adrianne Lee will expand her responsibilities to oversee legal and human resources functions in addition to the finance organization.
“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 Allison H. Abraham, board chair. “Jonathan has been integral to the company’s successful evolution over more than two decades of service.
Johnson joined the company more than 21 years ago as general counsel. He served as acting CEO for a brief period in 2013 and became full-time CEO in September 2019.
“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.
The company has also been pressure from hedge fund JAT, which has been calling for a leadership change. In a filing on Nov. 3, it directly called for Johnson to step aside.