Marcus Lemonis, executive chairman and principal executive officer of Salt Lake City-based Bed Bath & Beyond Inc., has also become the e-tailer’s CEO, an announcement from the company said. The announcement comes as Lemonis released a lengthy treatise on the new business strategy the company will pursue, including offering services, insurance, financing tools and “mortgage related solutions.”
At the same time, Bed Bath & Beyond announced Alexander Thomas, the company’s chief operating officer, has been terminated. Thomas was appointed COO in March.
Lemonis became the company’s executive chairman about two years ago. The company had been undergoing many changes, including several rebrands and the appointment of new leaders across its merchandising and marketing teams. Lemonis expanded his role by adding the position of principal executive officer in March.
“I want to make owning, living in and caring for a home easier, less expensive and more rewarding for all,” Lemonis said in a letter to shareholders. “I have always felt that home ownership is a bedrock of the American Dream. Whether someone is renting their first apartment, living in student housing, buying their first home or settling into a forever home, we want Bed Bath & Beyond to be associated with making those journeys more achievable, more affordable, and less overwhelming.”
The company’s strategy will feature three pillars, Lemonis said: omnichannel retail and commerce; digital, financial, insurance and blockchain services; and beyond home, which includes an AI-powered home operating system.
The new strategy comes as the company nears the closing of a deal to acquire The Brand House Collective (formerly Kirkland’s). At the time of that announcement, the company said that once the deal closes, The Brand House Collective CEO Amy Sullivan would become chief executive of the newly formed “Beyond Retail Group” division.
In his letter to shareholders, Lemonis on said the company sees opportunities for additional acquisitions and investments “where we see category gaps, consumer services, business synergies or natural brand extensions through the next 12 months.”
“This is not a turnaround story,” he said. It is a rebuild into something structurally better,” he said. “We will not chase growth at the expense of trust. We will not deploy capital without discipline. We will not sacrifice affordability for short term margin. We will not confuse customers with unnecessary complexity.”
“I’m writing to you today because I’ve decided to take on a bigger role as CEO — not because the title matters, but because the responsibility does,” Lemonis’ letter said. “I want to make sure this company stays true to what made it special in the first place, while also making it even more helpful for the way people live today.”