Murray, Utah, January 5, 2026, 09:22 MST
- Bed Bath & Beyond named Executive Chairman Marcus Lemonis as CEO, effective Jan. 1
- The company said Chief Operating Officer Alexander Thomas’ employment ended on the same date
- Lemonis outlined a three-part strategy spanning retail, financial services and home transaction platforms
Bed Bath & Beyond said on Monday it has appointed Executive Chairman Marcus Lemonis as chief executive officer, with its shares up nearly 5% in premarket trading. 1
The move concentrates leadership as the retailer tries to broaden its business beyond selling home goods online and in stores. Lemonis is pitching a shift into home services and financing-related offerings, a bet that could bring in steadier fees than traditional retail.
The timing also matters because Bed Bath & Beyond is leaning into deal-making and integration work this year, while consumer demand for big-ticket home spending remains sensitive to interest rates and housing turnover.
A regulatory filing showed the board appointed Lemonis as CEO on Dec. 30, effective Jan. 1, and said the company plans to enter into an employment agreement with him, with terms to be disclosed later. 2
The filing also said the employment of Chief Operating Officer Alexander Thomas was terminated on the effective date, and that he is expected to stay on as an adviser during a transition period. 3
In a letter to shareholders, Lemonis said the company is working to become an “Everything Home” business that spans products, services and technology. “This is not a turnaround story. It is a rebuild into something structurally better,” Lemonis wrote. 4
He pointed to recent operating improvements, citing a more than 90% year-over-year improvement in net loss in the third quarter of 2025 and an improvement of more than 80% in adjusted EBITDA — a profit measure that strips out interest, taxes and some non-cash or one-off items.
Lemonis also said gross margins have generally run in the 24% to 26% range, while marketing expense has been about 13% to 14% of revenue. He said the company eliminated more than $50 million of annualized fixed operating expenses during the year and aims to remove another $25 million over the next 12 months, largely through merger-related cost savings.
He said the pending Kirkland’s transaction is expected to add about $350 million of net revenue, and framed a base revenue of roughly $1.5 billion for 2026. He also said the company expects to pursue acquisitions and investments over the next 12 months, while noting it had about $200 million in cash at the end of the third quarter of 2025.
Lemonis’ three “pillars” include omnichannel retail — integrating stores and digital channels — plus financial and insurance products and a suite of home transaction tools. That push sets Bed Bath & Beyond against entrenched rivals for home spending such as Wayfair and Williams-Sonoma, and leaves it competing in categories where Amazon is also a dominant seller.
