The CEO of the new Bed Bath & Beyond suddenly left the position Monday, the same day the company’s planned corporate name change took effect.
The new Bed Bath & Beyond announced it was parting ways with its CEO Jonathan Johnson in a sudden and surprising move.Johnson had been with the company, previously known as Overstock.com, for more than 20 years and led its acquisition of Bed Bath & Beyond out of bankruptcy.David Nielsen, Beyond's president and a former Payless ShoeSource executive, has taken over as interim CEO while the board undergoes a search for a permanent candidate.
"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," Allison Abraham, Beyond's board chair, said in a statement. The company said Johnson's departure"follows mutual agreement" between him and the board to transition the company to new leadership but the move still appears sudden. About two weeks ago, the company had told reporters Johnson would be in New York on Monday – the same day its corporate name change went into effect – and said he would be available for meetings that afternoon.
Johnson had been with the company for more than 20 years and took over as chief executive after its founder and former CEO, Patrick Byrne, disclosed he had a relationship with a Russian spy.
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