Bed Bath & Beyond names insider Marcus Lemonis as CEO
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Shoppers leave a Bed Bath & Beyond store, after the company declared bankruptcy, in Danvers, Massachusetts, U.S., April 24, 2023. REUTERS/Brian Snyder
Jan 5 (Reuters) - Bed Bath & Beyond Executive Chairman Marcus Lemonis has been named as its new CEO, the company said in a regulatory filing on Monday.
Shares of the company were up nearly 5% in premarket trading.
Lemonis, who will serve in both the roles, said in a letter addressed to shareholders "we have a clear path to eliminate an incremental $25 million of expense over the next 12 months mainly through merger synergies."
He added that the company will pursue acquisitions through the next 12 months. Bed Bath & Beyond, in November, had agreed to acquire The Brand House Collective in a nearly $27 million deal.
The company filed for bankruptcy protection in 2023, and some of its assets were bought by online retailer Overstock for about $21.5 million. Overstock later rebranded as Bed Bath & Beyond.
(Reporting by Koyena Das in Bengaluru; Editing by Shailesh Kuber)
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