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Dive Brief:
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Beyond Inc., owner of Overstock, Bed Bath & Beyond, Zulily and other online brands, has streamlined its C-suite, doing away with co-CEO and dual chief merchant roles and expanding the executive chair role. Chandra Holt, who arrived in February to become Bed Bath & Beyond CEO, has left.
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Dave Nielsen, previously Overstock CEO, has been appointed president, overseeing marketing, merchandising and supply chain. Marketing and merchandising duties will be spread across the three brands, per a Monday press release.
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Adrianne Lee will continue as chief financial and administrative officer, and Marcus Lemonis “will continue in his increasingly active role as Executive Chairman,” the company said. Lemonis has been a director since October and chairman since December, and his role was expanded to executive chairman in February.
Dive Insight:
It’s been an unsettled year for Beyond, as the company has tried and abandoned a few changes since Overstock bought the home goods retailer for $21.5 million in June 2023.
By August, Overstock moved to rebrand as Bed Bath & Beyond and the parent company changed its corporate name from Overstock to Beyond a few months later. In February this year, however, the company said it was a mistake to do away with the Overstock name and brought it back as a separate site, though the brands all remain under the “Beyond” umbrella. The company snapped up troubled e-retailer Zulily in March for $4.5 million.
The conglomerate is struggling, with Q1 sales flat and losses mounting. After that report, in May, GlobalData Managing Director Neil Saunders said streamlining would be necessary to get back into the black.
The company beefed up its leadership ranks last month with eight appointments, including multiple brand-specific merchandising and marketing roles.
In a statement Monday, Lemonis said the company is “intent on achieving profitability.”
“We believe margin improvement, SG&A reduction, efficiency, and alignment are the key factors that will get us there, and we are therefore streamlining and flattening our organization to reflect what we believe will yield greater efficiencies and better results,” he said.
via https://www.aiupnow.com
Daphne Howland, Khareem Sudlow
