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MIDVALE, Utah – Overstock.com has appointed the star of CNBC’s multi-season show “The Profit” to its board of directors as it navigates the company’s transition into “the new Bed Bath & Beyond.”
Marcus Lemonis is currently the chairman and CEO of Camping World, the nation’s largest RV and outdoor retailer, and Good Sam, the world’s largest RV owner’s organization. He joins the nine-member board as its eighth independent director.
“As a CEO of a publicly traded company, he brings a wealth of experience in leadership, retail, branding and customer engagement that will complement the current board’s strengths and position the company for growth and success,” said Allison Abraham, chair of the Overstock board.
Company CEO Jonathan Johnson said the business acumen Lemonis brings to his role will allow him to meaningfully contribute to the company during a time of transition.
Overstock.com Inc. shares surged following the company’s acquisition of Bed Bath & Beyond’s intellectual property in June, reaching $37.86 per share on Aug. 2, the day after the U.S. site relaunched under the Bed Bath & Beyond/Overstock banner. Since then, the share price has fallen back. At midday on Oct. 4, it was trading at $14.89, a six-month low.
“As Marcus becomes more familiar with the company, I expect to work closely with him as he takes a bigger and more meaningful role on the board,” Johnson added.
Known as the “business turnaround king,” Lemonis advised struggling small businesses around the country through eight seasons of “The Profit.” Lemonis also helps homeowners improve the value and function of their homes on his hit TV show, “The Renovator,” on HGTV.
Lemonis said his appointment to the Overstock board merges many of his personal and professional interests.
“Reinventing and reformatting businesses is a passion and focus of mine. I’m excited about the opportunities that lay ahead for the new Bed Bath & Beyond,” he added. “I’m enthusiastic about joining the company’s board of directors as it embarks on a new phase of growth with an iconic consumer brand.”
