Posted 06 November, 2023

BEYOND, INC. appointed David J. Nielsen as new CEO

Nasdaq:OSTK appointed new Chief Executive Officer David J. Nielsen in a 8-K filed on 06 November, 2023.

  Appointment of David J. Nielsen as Interim Chief Executive Officer  

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Overview of BEYOND, INC.
Retail/Wholesale • Mixed Retailing
Beyond, Inc. engages in the provision of an e-commerce platform. It offers furniture and home furnishing products and services. The company was founded on May 5, 1997 and is headquartered in Midvale, UT.
Market Cap
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Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Departure of Jonathan Johnson as Chief Executive Officer

On November 6, 2023, Beyond, Inc. (formerly Overstock.com, Inc., the "Company") announced that 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. The size of the Board will be reduced from nine to eight members, effective immediately.

The Company has entered into a Severance and Release Agreement with Mr. Johnson, pursuant to which Mr. Johnson will receive separation benefits consistent with a qualifying termination of employment without cause for a Tier 1 participant under the Key Employee Severance Plan, as described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 24, 2023. The foregoing description of the Severance and Release Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

Appointment of David J. Nielsen as Interim Chief Executive Officer

The Company's current President, David J. Nielsen, age 53, has been appointed Interim Chief Executive Officer of the Company, effective immediately. 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. During the interim period, the Board will conduct a comprehensive search process to identify a permanent CEO.

Mr. Nielsen has served as our President of Retail (now President) since May 2019, and previously served as our Chief Sourcing and Operations Officer from October 2018 to May 2019, having returned to the Company after serving as the Chief Executive Officer and as a board member of Global Access from July 2015 to October 2018. Mr. Nielsen originally joined the Company in 2009 and previously served as our Senior Vice President of Business Development, Senior Vice President and General Merchandise Manager and Co-President.

Mr. Nielsen does not have any family relationships with any director or executive officer of the Company, and there are no arrangements or understandings with any persons pursuant to which Mr. Nielsen has been appointed to his position. In addition, there have been no transactions directly or indirectly involving Mr. Nielsen that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

A copy of the Company's press release announcing the transition in the role of CEO is attached as Exhibit 99.1 to this Current Report on Form 8-K.