Overstock Taps Marcus Lemonis For Help With Bed Bath & Beyond Turnaround, Shares Jump

Overstock.com Inc OSTK shares are trading higher Tuesday. The company appointed Camping World CEO and star of CNBC's "The Profit" Marcus Lemonis to its board.

What To Know: Lemonis was named Overstock's newest independent director, effective Oct. 2. He brings broad experience in scaling companies and is well known for his role on reality TV show "The Profit" where he helps improve small businesses. 

"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, current chairwoman of Overstock's board.

"I am excited for Marcus to take on a larger leadership role on the board in the future as we continue with our transformation to the new Bed Bath & Beyond brand."

Overstock acquired bankrupt Bed Bath & Beyond in June and relaunched the brand. Last month, the company said it anticipates that Bed Bath & Beyond revenue will decline in the mid-teens percent range on a year-over-year basis. Orders are expected to be up in the mid-single digit percent range, while average order value is expected to be down in the high-teens percent range. 

As of Sept. 4, the company said it had over 4.8 million active customers over the last 12 months, website traffic had improved and its mobile app launch was off to a strong start. 

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OSTK Price Action: Overstock shares were up 2.59% at $15.43 at the time of publication, per Benzinga Pro.

Photo: Mike Mozart from Flickr.