Bed Bath & Beyond names Marcus Lemonis as CEO; COO out
The executive chairman of Bed Bath & Beyond Inc. has taken on an expanded role.
Marcus Lemonis said he has accepted the additional role of CEO and outlined a three-part strategy to transform the company into an “Everything Home Company” that is “built around customers and the way life happens.” He stepped down as CEO of Camping World on Jan. 1, 2026, after more than two decades at the helm.
Lemonis has been involved with Bed Bath & Beyond since 2023, serving as executive chairman after the brand's acquisition by Overstock, which later rebranded as Bed Bath & Beyond Inc. (In addition to its namesake brand, the Bed Bath & Beyond portfolio also includes Overstock, BuyBuy Baby, Kirkland’s Home and a blockchain asset portfolio.)
In a filing with the Securities and Exchange Commission, Bed Bath & Beyond said it intends to enter into an employment agreement with Lemonis, with the material terms of the agreement to be disclosed in a future filing once finalized. It also reported that Alexander Thomas, COO, was terminated effective Jan. 1. Thomas, was appointed to the role in March, will serve as an advisor during a transition period.
In a letter addressed to shareholders and key stakeholders, Lemonis said that, during the year, the company, eliminated more than $50 million of annualized fixed operating expenses from the business, and has a “clear path to eliminate an incremental $25 million of expense over the next 12 months mainly through merger synergies."
In November, Bed Bath & Beyond agreed to acquire The Brand House Collective (formerly Kirkland’s) for $26.8 million. The two companies have been working together since September 2024, when Kirkland’s entered into a deal that would result in the return of Bed Bath & Beyond brick-and-mortar stores to the U.S. retail landscape. In his letter, Lemonis said the company will pursue acquisitions and investments through the next 12 months and is currently working on several opportunities.
As outlined in his letter, Bed Bath & Bath’s strategy features three pillars: omnichannel retail and commerce; digital, financial, insurance and blockchain services; and beyond home, which includes an AI-powered home operating system.
With regard to the first pillar, Lemonis said that digital commerce provides reach and scale, while services create the deepest trust and longest-lasting relationships together.
“Our omnichannel model is designed to move customers toward these higher-value engagements over time,” he said. “Bed Bath & Beyond, Overstock, BuyBuy Baby Kirkland’s, and future commerce platforms form a flywheel, multiple points of entry guiding customers toward deeper, more durable relationships across the Everything Home ecosystem.”
In closing his letter, Lemonis noted that Bed Bath & Beyond is not a turnaround story. Insead, it is being rebuilt into “something structurally better.”
“We will not chase growth at the expense of trust,” Lemonis said. “We will not deploy capital without discipline. We will not sacrifice affordability for short term margin. We will not confuse customers with unnecessary complexity. I am personally accountable for its execution.”
To read Lemonis’ letter, click here.
