Beyond, Inc. (BYON) shares rallied Wednesday after the company announced that, effective immediately, Allison Abraham and Marcus Lemonis will serve as Co-Chairs of the company's Board of Directors.
BYON, formerly Overstock.com (NYSE:BYON) Inc, is the parent company of Bed Bath & Beyond. It acquired its brand back in June for $21 million after the company filed for bankruptcy in April.
BYON shares are currently up around 0.7% at over $18 per share. Earlier in the session, it hit a high of $19.423.
Abraham, who has been chairwoman at BYON for more than six years, said Lemonis "brings a wealth of experience as a public company Chairman and CEO, with powerful operating knowledge in retail, branding, and customer engagement."
"Both of us, along with rest of the Board and management team, are unified in our overarching goals of driving enhanced value for shareholders," she added.
Lemonis stated he is "intensely focused" on driving financial results at the company, reducing operating costs and reviewing all performing and non-performing assets.
"While the team has begun taking decisive actions to restructure the Company for a better future, I am eager for what lies ahead in the months to come," he added.