- After about four years in the position
- Praise and thanks for Johnson
- Dave Nielsen taking over temporarily
- Search for a successor
- Johnson said 92 words
(exechange) — Midvale, Utah, November 6, 2023 — Jonathan Johnson, chief executive of Beyond, leaves his position — by “mutual agreement.” As announced by Beyond Inc. in a news release and in a regulatory filing published on Monday, November 6, 2023, Jonathan E. Johnson leaves his post as chief executive officer at the online home furnishing company formerly known as Overstock.com Inc., after about four years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Beyond will undertake a search for a successor.
Jonathan Johnson’s duties as CEO will be taken over temporarily in part by David J. (Dave) Nielsen, most recently President at Beyond Inc., as Interim Chief Executive Officer.
“The responsibilities of the Chief Executive Officer will be divided between Mr. Nielsen and the Company’s current Chief Financial Officer, Adrianne Lee, age 45,” the Company further stated.
“The ideal time”
The management change is explained as follows. Allison H. Abraham, Chair of the Board of Directors, stated: “Following the recent acquisition of the Bed Bath & Beyond brand and our corporate renaming as Beyond, Inc., the Board and Jonathan determined that this is the ideal time for a transition in leadership to guide the company forward.”
Precise information regarding Jonathan Johnson’s future plans was not immediately available.
Beyond said: “Jonathan Johnson has stepped down as Chief Executive Officer and a member of the Board of Directors, effective immediately. Mr. Johnson’s departure follows mutual agreement by the Board and Mr. Johnson to transition the company to new leadership.”
Beyond further said: “Jonathan Johnson has stepped down as Chief Executive Officer (“CEO”) of the Company and a member of the Board of Directors (the “Board”) at the request of the Board, effective immediately.”
Share price decline since November 2021
The announcement follows a decline in Beyond Inc.’s share price of 82% since November 2021.
In the position of CEO since 2019
Jonathan Johnson became CEO of the Company in 2019.
Jonathan E. Johnson III joined Overstock in September 2002 and has served as a Director since May 2013.
Johnson has served as Overstock’s Chief Executive Officer since September 2019.
He previously served as Chairman of the Board from 2014 to 2017, transitioning to the position after serving five years as the Company’s President, and later as the Executive Vice Chairman of the Board.
Johnson joined Overstock in 2002 as the Company’s General Counsel and has held various business and legal positions within the Company.
From 2016 to 2021, Johnson served as president of Medici Ventures, a former Overstock subsidiary, which has since been converted to a limited partnership.
He also served on the board of directors of Medici Ventures, was chairman of the board of directors of tZERO, and served on the board of directors of Medici Ventures portfolio companies Bitt, FinClusive, GrainChain, PeerNova, MLG, and Voatz, in each case until April 2021.
Since February 2022, Johnson has served on the board of directors of The J.M. Smucker Co. (NYSE:SJM) and also currently serves on its compensation and people committee.
Prior to joining Overstock, Johnson was with TenFold Corporation in various positions, including Chief Financial Officer and General Counsel. Before that, he practiced corporate law in Los Angeles with two international law firms (Graham & James and Milbank, Tweed, Hadley & McCloy) and served as a judicial clerk at the Utah Supreme Court and Utah Court of Appeals.
Johnson received a Bachelor’s Degree in Japanese from Brigham Young University, studied at Osaka University of Foreign Studies in Japan, and received his juris doctor degree from the J. Reuben Clark Law School at Brigham Young University.
92 words by Jonathan Johnson
In the release announcing his departure as CEO of Beyond Inc., Jonathan Johnson received praise and thanks.
In announcing his departure, Jonathan Johnson said 92 words.
“Next chapter in my career”
Jonathan Johnson stated: “I am incredibly proud of all that we have achieved to transform the company since becoming CEO – evolving to a leading online home retailer with an iconic name and a large, growing consumer base. As the company turns the page to become Beyond, now is the right time for me to also turn the page to the next chapter in my career. It has been an honor to work with such an exceptional team. I am confident the company is well-positioned to achieve broader popular reach as a bigger and better Beyond.”
Push-out Score for Jonathan Johnson’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Jonathan Johnson was pushed out or felt pressure to leave his position.
exechange reached out to Beyond and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2023 ($).