Bed Bath & Beyond parent names co-chairs as management mandates 'intense' restructuring

Shares of Beyond Inc. (BYON) jumped 7.3% toward a two-month high in premarket trading Wednesday, after the parent of Bed Bath & Beyond and the company formerly known as Overstock said Chairperson Allison Abraham will now share the chairperson title with Director Marcus Lemonis. The company said its leadership mandates an "intense" restructuring, "through reducing costs and evaluating lines of business, investments and capital allocation while driving revenue and increasing [the] active customer base." The news comes about three weeks after Jonathan Johnson stepped down as chief executive and from the company's board, and David Nielsen was appointed interim CEO. "The entire management team is acutely focused on delivering improved results and appreciates the Board's full support as we execute our plans," Nielsen said Wednesday. The stock has tumbled 32.2% over the past three months through Tuesday, while the S&P 500 has gained 1.3%.

-Tomi Kilgore

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11-29-23 0854ET

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