Beyond, Inc. Announces Structural Leadership Changes

Rhea-AI Summary

Beyond (NYSE: BYON) announced structural leadership changes aimed at streamlining its business and improving efficiency. Key changes include eliminating Co-Chief Executive roles, expanding the Executive Chairman role, and eliminating dual Chief Merchant roles.

Chandra Holt has departed, and Dave Nielsen is appointed President, overseeing marketing, merchandising, and supply chain functions. Adrianne Lee and Marcus Lemonis will continue in their respective roles.

The company aims to achieve profitability through margin improvement, SG&A reduction, and operational alignment.

Positive

• Streamlining leadership roles to enhance efficiency.
• Appointment of Dave Nielsen as President, overseeing critical business functions.
• Marcus Lemonis actively involved as Executive Chairman.
• Focus on achieving profitability through margin improvement and SG&A reduction.
• Operational alignment aimed at better results.

Negative

• Departure of Chandra Holt, indicating potential instability or dissatisfaction.
• Elimination of multiple leadership roles, which might affect employee morale.

— Organizational Changes Streamline the Business —

— Laser Focused on Driving Efficiencies —

MIDVALE, Utah--(BUSINESS WIRE)-- Beyond, Inc. (NYSE:BYON), owner of Overstock, Bed Bath & Beyond, Zulily, and other online retail brands designed to unlock your home’s potential, today announced structural changes to its leadership team and broader organization. The following changes have been approved by the Company’s board of directors and are effective immediately:

• Elimination of Co-Chief Executive roles
• Expansion of Executive Chairman role
• Elimination of dual Chief Merchant roles

Concurrent with these structural changes, Chandra Holt has departed the Company, the marketing and merchandising leadership functions have been streamlined across all three brands, and Dave Nielsen has been appointed President, overseeing the marketing, merchandising, and supply chain functions for Beyond. Adrianne Lee will continue in her role as Chief Financial and Administrative Officer, and Marcus Lemonis will continue in his increasingly active role as Executive Chairman.

“As a company, we are intent on achieving profitability,” said Marcus Lemonis, Executive Chairman. “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. I’m pleased with the sequential progress we are making and clearly see the path to our goal.”

About Beyond

Beyond, Inc. (NYSE:BYON), based in Midvale, Utah, is an ecommerce expert with a singular focus: connecting consumers with products and services that unlock their homes’ potential. The Company owns Overstock, Bed Bath & Beyond, Baby & Beyond, Zulily, and other related brands and associated intellectual property. Its suite of online shopping brands features millions of products for various life stages that millions of customers visit each month. Beyond regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website, Beyond.com.

Beyond, Bed Bath & Beyond, Welcome Rewards, Zulily, Overstock and Backyard are trademarks of Beyond, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding our business results, our strategy, our path to profitability, changes to our organizational structure and resulting efficiencies and synergies, and the timing of any of the foregoing. Actual results could differ materially for a variety of known and unknown risks, uncertainties, and other important factors including but not limited to those included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 23, 2024, on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 8, 2024, and in our subsequent filings with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240616864998/en/

Alexis Callahan, VP of Investor Relations & Public Relations

ir@beyond.com

pr@beyond.com

Source: Beyond, Inc.

FAQ

What leadership changes did Beyond (BYON) announce?

Beyond announced the elimination of Co-Chief Executive roles, expansion of the Executive Chairman role, and elimination of dual Chief Merchant roles.

Who is the new President of Beyond (BYON)?

Dave Nielsen has been appointed as the new President of Beyond.

Which key personnel departed from Beyond (BYON) in the latest restructuring?

Chandra Holt has departed from Beyond as part of the restructuring.

What are the main goals of Beyond's (BYON) leadership restructuring?

The main goals are to achieve profitability through margin improvement, SG&A reduction, and operational alignment.

What roles will Marcus Lemonis and Adrianne Lee continue to hold at Beyond (BYON)?

Marcus Lemonis will continue as Executive Chairman, and Adrianne Lee will remain Chief Financial and Administrative Officer.