NEW YORK : Hedge fund JAT Capital urged the board of internet retailer Overstock.com to replace the company's chief executive officer, arguing that Jonathan E. Johnson III is to blame for poor financial performance.
"The current CEO needs to be removed immediately," JAT wrote to the board in a letter dated Nov. 2 and made public in a regulatory filing on Friday. Overstock.com, which rebranded its website under the Bed Bath & Beyond name after it acquired intellectual property from the bankrupt company in June, did not immediately respond to a request for comment.
"Marcus Lemonis is clearly the most qualified person available to manage the business," the letter said, adding that Lemonis has offered to allocate time to the company, has bought stock, and has shown that he can communicate effectively with Wall Street.