Bed Bath & Beyond (NYSE: BBBY) announced a leadership change Thursday, appointing Marcus Lemonis as Chief Executive Officer, effective immediately, as the company pivots toward a broader strategy that extends well beyond traditional retail.

The appointment coincides with the departure of Alexander Thomas, who has been terminated from his role as Chief Operating Officer. Thomas had been appointed to the position in March.

Lemonis, who has served as Executive Chairman for nearly two years and was named Principal Executive Officer earlier this year, now assumes full executive leadership as the company embarks on what he described as a structural rebuild rather than a turnaround.Alongside the leadership change, Lemonis outlined a three-pillar strategy aimed at transforming Bed Bath & Beyond into a diversified home-focused platform encompassing retail, services, and financial solutions.

“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. He emphasized that the company’s long-term vision is tied to supporting consumers across every stage of the home lifecycle—from renting and first-time ownership to long-term residence.

The strategy’s first pillar centers on omnichannel retail and commerce, executed through a mix of company-owned stores, an asset-light operating model, and international licensing arrangements.The second pillar focuses on digital, financial, insurance, and blockchain-based services, marking a significant expansion of the brand’s scope. Bed Bath & Beyond plans to leverage artificial intelligence to offer home and product warranties, property and casualty insurance, shipping coverage, home maintenance programs, credit cards, and mortgage-related financial tools.

The company is also developing blockchain-enabled offerings through platforms such as tZERO and GrainChain, signaling an effort to integrate emerging financial technologies into its ecosystem.

The third pillar, branded as “Beyond Home,” targets high-impact financial moments in the home lifecycle, including buying, selling, financing, renovating, insuring, processing title, and unlocking home equity liquidity. As part of this initiative, the company said it plans to strategically invest in modern prefab and modular homebuilders, with a focus on addressing affordability challenges in housing.The announcement comes as Bed Bath & Beyond nears the closing of its previously disclosed acquisition of The Brand House Collective (formerly Kirkland’s). Once finalized, Brand House Collective CEO Amy Sullivan is expected to lead a newly formed Beyond Retail Group division.

Lemonis indicated that the company is actively evaluating additional acquisitions and investments over the next 12 months, targeting category gaps, consumer services, and complementary brand extensions.“This is not a turnaround story,” Lemonis said. “It is a rebuild into something structurally better.”

About Bed Bath & Beyond

Bed Bath & Beyond (NYSE: BBBY) is a home-focused commerce and services company undergoing a strategic transformation to expand beyond traditional retail. The company operates across omnichannel retail, digital platforms, and emerging service-based offerings designed to support consumers throughout the home ownership and living journey.