Bed Bath & Beyond executive chairman Marcus Lemonis has been named as its new CEO, the company said in a regulatory filing on Monday.

Shares of the company were up nearly 5% in premarket trading.

Lemonis, who will serve in both the roles, said in a letter addressed to shareholders “we have a clear path to eliminate an incremental $25 million of expense over the next 12 months mainly through merger synergies.”

He added that the company will pursue acquisitions through the next 12 months. Bed Bath & Beyond, in November, had agreed to acquire The Brand House Collective in a nearly $27 million deal.

The company filed for bankruptcy protection in 2023, and some of its assets were bought by online retailer Overstock for about $21.5 million. Overstock later rebranded as Bed Bath & Beyond.