Amid continued losses and a host of new investments, Beyond, Inc. is again switching up its top leadership to propel a “faster return to profitability,” the company has announced. Current Executive Chairman Marcus Lemonis will now serve as Principal Executive Officer (PEO), and CFO Adrianne Lee’s role has expanded to include the title of President. Previous PEO and President Dave Nielsen no longer holds either role, but no additional details were provided regarding his fate at the company.
Lemonis joined as a director of Beyond in October 2023 and was appointed Chairman of the Board in December 2023, then swiftly assumed the role of Executive Chairman in February 2024. During that same time period, Nielsen was promoted to interim CEO following the abrupt departure of Jonathan Johnson, who had orchestrated the sale of bankrupt Bed Bath & Beyond to Overstock.com in June 2023.
At the time of his promotion, Nielsen’s long experience at Overstock.com was seen as an advantage, but it’s possible that as the company has steadily transformed into Beyond, Inc., Nielsen’s expertise in the old Overstock model no longer represented the company’s new strategic focus.
Beyond’s Goal: Become an ‘Ecommerce-Focused Affinity Company’
Beyond, Inc. now describes itself as “an ecommerce-focused affinity company that owns or has ownership interests in various retail brands,” as opposed to simply an off-price online retailer. This is reflected in recent moves by the company that have included the acquisitions of flash-sale site Zulily in 2024 and BuyBuy Baby in February 2025, as well as a strategic partnership with home décor retailer Kirkland’s.
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Throughout these moves, Lemonis has touted the company’s new strategy of developing “an affinity and data monetization model with a strong technology focus.” This is evidenced in Beyond’s plans for BuyBuy Baby, which include the potential tokenization of the brand’s IP and creating a blockchain-based ledger to serve as a centralized database for customers’ important life documents.
Beyond, Inc. to Cut $15 Million in Costs This Year
Despite these lofty aspirations, the company is still struggling to make money. In 2024, net revenue decreased 10.6% year over year to $1.4 billion and the company reported a net loss of $259 million. Orders delivered in Q4 2024 decreased 34% YoY to 1.7 million and active customers were down 4% YoY to 5.4 million. With their promotions, Lemonis and Lee, along with the rest of the company’s management team, have committed to $15 million in annualized fixed cost reductions this year to try to turn the tide.
“The last year has been about identifying Beyond’s strategic priorities of delivering significant improvement in the key metrics of adjusted EBITDA, gross margin and reduced fixed costs as well as unlocking the value of our blockchain investments,” said Lemonis in a statement. “We are committed to making money and returning this business to growth and will not let any obstacles deter that goal. This leadership team is best suited to carry out our mandate of delivering profitable commerce.”
“Over the past year, I’ve had the opportunity to work closely with the team and know what is needed to accelerate change,” added Lee in a statement. “I look forward to driving our strategic priorities and positioning Beyond for long-term success. Importantly, in the near term, that means identifying and driving tactics to return our core commerce business back to profitability and extracting value from our blockchain investments. We announced an important step today by committing to an annualized fixed cost reduction of $15 million, primarily related to our technology transformation.”
