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Activist investor forces out CEO of rebranded Bed Bath & Beyond

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JAT Capital, which owns a 9.6% stake in Beyond, last week urged the board to replace CEO Johnson, arguing that he is to blame for the company’s poor financial performance.

Hedge fund JAT Capital, which owns a 9.6% stake in Beyond, last week urged the board to replace CEO Johnson, arguing that he is to blame for the company’s poor financial performance.On the interim, Johnson will be replaced by Dave Nielsen, who has been Beyond’s president since 2019, while the search for a permanent CEO has begun, the company added.

In a letter to the company dated Nov. 2, John Thaler, who runs JAT, proposed that businessman and television personality Marcus Lemonis, who joined Beyond’s board last month, should become CEO.

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