Overstock.com, which now operates its retail business as Bed Bath & Beyond, announced it will change its corporate name to Beyond, Inc., effective November 6.
In a separate development, Angela Hsu, chief marketing officer, announced she is leaving Overstock to pursue strategic board director opportunities. Dave Nielson, the company’s president, will handle Hsu’s responsibilities as she transitions to an advisory role and the company conducts a search for her successor.
Commensurate with the forthcoming corporate name change, Overstock will transfer its stock listing from the Nasdaq Global Market to the New York Stock Exchange and update its ticker symbol from OSTK to BYON. Beyond will continue to operate its furnishings and housewares e-commerce business under the Bed Bath & Beyond brand, the company noted.
On June 28, Overstock.com, Inc. acquired the Bed Bath & Beyond brand and associated intellectual property. Overstock renamed its retail business as Bed Bath & Beyond, with a launch under the new banner in Canada on June 29 and then in the United States on August 1.
“Changing our corporate name to Beyond, Inc. sets us up well for a brighter future,” said Jonathan Johnson, the company’s CEO. “As we continue the process of transforming our consumer brand, our new corporate name will help us reach millions of new customers with our advantageous and differentiated, asset-light e-commerce business model. The name Beyond emphasizes our commitment to connect new and legacy customers with a wide assortment of products and services. Since our founding in 1999, the company has focused on bringing technical expertise to e-commerce and providing a simple and easy experience for consumers and supplier partners. We expect the corporate name change to enhance the awareness of our iconic consumer brand, Bed Bath & Beyond.”
As Overstock, the company’s shares will continue to trade on the NASDAQ with the ticker symbol OSTK until the close of market on Friday, November 3. Beyond, Inc. will begin trading on the NYSE with the ticker symbol BYON when markets open on Monday, November 6.
In a LinkedIn post, Hsu stated, “It’s been a pleasure being the CMO transforming Overstock.com into a 100% home furnishing retailer in 2022 and swiftly relaunching as the new online Bed Bath & Beyond in August 2023.”
Hsu said she would refocus her career on growing companies at the strategic level via board director roles. Before joining Overstock in 2022, she was senior vice president, marketing and e-commerce at Lamps Plus.
Since acquiring the Bed Bath & Beyond intellectual properties, Beyond has been busy repositioning and responding to business developments.
In a filing with the United States Securities and Exchange Commission, shareholder JAT Capital Management stated that it had sent a letter on October 12 to then Overstock with a series of recommendations, including:
- Development of a business plan for the next month, three months, 12 months and 36 months with financial objectives
- Development of an investor relations and public relations message that communicates company plans clearly, along with action items and key performance indicators that illustrate success or failure and near-term guidance that establishes financial guardrails and expectations for the investment community
- Empower investor relations personnel, as well as key board members, to communicate messaging developed for the Wall Street constituency and ensure expectations are aligned with likely outcomes.
- Overhaul of the management and board compensation structure to reduce or eliminate cash compensation and to emphasize stock option participation, with the CEO providing a meaningful option package at strike prices above the current market price to align interests with shareholders.
- Elevate Marcus Lemonis’s position, with appointing him executive chairman a preferred option.
- Conduct an immediate strategic review of non-core assets, most notably the blockchain operation Medici, including evaluating a potential sale or spin-off of such assets.
On October 2, Overstock appointed Lemonis as its newest independent director. He is chairman and CEO of Camping World, a major RV and outdoor retailer and affinity group.
