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Overstock rebrands to Beyond, CEO abruptly resigns under pressure from activist shareholders
Posted: November 6th, 2023, 5:24 pm
by Brian Lutz
https://www.cnbc.com/2023/11/06/bed-bat ... ition.html
On the same day that Overstock officially changed its name to Beyond Inc (after purchasing the leftovers from the Bed Bath and Beyond bankruptcy,) CEO Jonathan Johnson has abruptly resigned. This follows a letter a week ago from activist investor JAT Capitol (which owns 9.6% of the company) calling for Johnson to be fired.
Re: Overstock rebrands to Beyond, CEO abruptly resigns under pressure from activist shareholders
Posted: November 7th, 2023, 8:29 am
by rwsandiego
Brian Lutz wrote: ↑November 6th, 2023, 5:24 pm
https://www.cnbc.com/2023/11/06/bed-bat ... ition.html
On the same day that Overstock officially changed its name to Beyond Inc (after purchasing the leftovers from the Bed Bath and Beyond bankruptcy,) CEO Jonathan Johnson has abruptly resigned. This follows a letter a week ago from activist investor JAT Capitol (which owns 9.6% of the company) calling for Johnson to be fired.
Thinking back to Carl Icahn and the wrecking ball he took to companies (including several retailers who, as a result of leveraged buyouts and ill-fated mergers, are no longer with us), this is the type of thing that often leads to a company's demise.
Re: Overstock rebrands to Beyond, CEO abruptly resigns under pressure from activist shareholders
Posted: November 7th, 2023, 8:51 am
by veteran+
rwsandiego wrote: ↑November 7th, 2023, 8:29 am
Brian Lutz wrote: ↑November 6th, 2023, 5:24 pm
https://www.cnbc.com/2023/11/06/bed-bat ... ition.html
On the same day that Overstock officially changed its name to Beyond Inc (after purchasing the leftovers from the Bed Bath and Beyond bankruptcy,) CEO Jonathan Johnson has abruptly resigned. This follows a letter a week ago from activist investor JAT Capitol (which owns 9.6% of the company) calling for Johnson to be fired.
Thinking back to Carl Icahn and the wrecking ball he took to companies (including several retailers who, as a result of leveraged buyouts and ill-fated mergers, are no longer with us), this is the type of thing that often leads to a company's demise.
You can add Ron Perelman to that list of rapacious corporate carnivores.