The new Bed Bath & Beyond announced Monday its CEO, Jonathan Johnson, is immediately stepping down from his position just days after activist hedge fund JAT Capital called for his ouster.
He led the company through its acquisition of Bed Bath & Beyond earlier this year and its corporate name change to Beyond Inc. , which took effect Monday.
David Nielsen, Beyond's president and a former Payless ShoeSource executive, has taken over as interim CEO while the board undergoes a search for a permanent candidate.
Beyond said Johnson's departure "follows mutual agreement" between him and the board to transition the company to new leadership, but the move came on suddenly.
The company and Johnson didn't immediately return a request for comment seeking additional information.
Persons:
Jonathan Johnson, Johnson, JAT, Marcus Lemonis, David Nielsen, Jonathan, Allison Abraham, Beyond's, Johnson didn't, Patrick Byrne
Organizations:
Bed, Inc, CNBC PRO
Locations:
JAT, CNBC's, New York, Russian