Beyond, owner of Bed Bath & Beyond, Overstock, Zulily and other online retail operations, announced Chandra Holt, CEO of Bed Bath & Beyond, has left the company as the board of directors approved a series of executive and structural changes intended to streamline the organization.
The move includes the elimination of co-chief executive roles, the elimination of dual chief merchant roles and the expansion of the executive chairman role, the company noted.
With the change in executive structure, Beyond has streamlined marketing and merchandising leadership functions across its three main banners, the company stated. It appointed company veteran Dave Nielsen 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 expanded role as executive chairman.
“As a company, we are intent on achieving profitability,” Lemonis said in announcing the executive changes. “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.”
According to a Beyond filing with the United States Securities and Exchange Commission, the employees the employment of Holt (pictured above speaking at the 2024 Inspired Home Show) as the division chief executive officer of Bed Bath & Beyond and co-principal executive officer ceased on June 14. The filing noted Beyond expects to enter into a separation agreement with Holt, containing a general release of claims in exchange for certain separation benefits.
