Overstock.com Inc. founder Patrick Byrne will resume his position as CEO after a three-month medical leave of absence.
Byrne left the online-only retailer of home furnishings, electronics, jewelry and apparel in April due to “stage IV Hepatitis C,” or advanced hepatitis with liver damage. Byrne contracted the illness in China in 1984 while seeking medical attention for a head wound.
After treatment Byrne is completely healthy for this first time in 31 years, he said in a statement Tuesday announcing his return to Overstock.
“It’s good to have Patrick healthy and back at the helm,” says Jonathan Johnson, Overstock’s chairman of the board. “No one else has the entrepreneurial vision to move this company to the next level quite like Patrick.”
The company’s general counsel, Mitch Edwards, who has previously worked at BitTorrent Inc. and Skullcandy Inc., was serving as acting CEO in Byrne’s absence.
The online retailer recently reported another top executive change when Overstock’s former president Stormy Simon resigned on July 15. She began a temporary leave of absence on June 6, according to documents filed June 8 with the U.S. Securities and Exchange Commission. Her leave was expected to last approximately 65 days and she was to be available to consult with the company during her leave, according to the filing.
Simon was Overstock.com’s highest-paid employee last year, with compensation totaling $917,200, according to public filings. She will receive $325,000 as severance, and 19,759 shares of Overstock stock previously granted to her will be vested.
Simon has been working with Overstock since 2001 in various positions, including directing the retailer’s marketing program from 2008 to 2011, and as senior vice president in charge of customer and partner care. She also spearheaded Overstock’s TV ads, which helped put the retailer on the map.
Overstock is No. 29 in the Internet Retailer 2016 Top 500 Guide with $1.66 billion in 2015 web sales.Favorite