Bed Bath & Beyond parent company names Marcus Lemonis as co-chair

Beyond, Inc. has added a co-chair as management calls for "intense" restructuring.

The parent of the now-online home retailer Bed Bath & Beyond and the company formerly known as Overstock.com has appointed Marcus Lemonis as co-chair, effective immediately. He joins current chain Allison H. Abraham.

Lemonis has served as the chairman and CEO of Camping World, a recreational vehicle retailer, since 2003. (In 2010, Camping World merged with Good Sam Enterprises.) He has also been the star of CNBC’s business show “The Profit” since 2013.

“I am intensely focused on working with the management team to drive financial results, reduce operating costs and review all performing and non-performing assets,” said Lemonis. “While the team has begun taking decisive actions to restructure the company for a better future, I am eager for what lies ahead in the months to come.”

Overstock.com has been operating as Bed Bath & Beyond following its acquisition of the bankrupt retailer’s intellectual property in June. In early November, on the same day the company changed its corporate name from Overstock, David Nielsen, president of Beyond, assumed the role of interim CEO while the company searched for a permanent chief executive following the departure of Jonathan Johnson from the company.

“The entire management team is acutely focused on delivering improved results and appreciates the Board’s full support as we execute our plans,” said Nielsen.

In a release, Beyond said that leadership mandates "intense restructure  through reducing costs and evaluating lines of business, investments and capital allocation while driving revenue and increasing active customer base. 

Co-chair Abraham had been with Overstock for nearly 22 years, most recently serving as chair of the audit committee since 2009, and chairwoman of the board since 2017.

“Marcus brings a wealth of experience as a public company Chairman and CEO, with powerful operating knowledge in retail, branding, and customer engagement,” said Abraham. “Both of us, along with the rest of the Board and management team, are unified in our overarching goals of driving enhanced value for shareholders.”