Overstock.com Inc. is shuffling around its top executives in hopes of fueling growth into its blockchain technology business tZERO, the retailer announced today.
Overstock.com founder Patrick Byrne is switching roles with Saum Noursalehi. Byrne will now be president of Overstock Retail while Noursalehi will take on the role of CEO of tZERO. Byrne will still be involved with tZERO as executive chairman.
“Blockchain-meets-capital-markets is a world-historic opportunity and, due to our last three years of work with tZERO, we have a pole position, a point upon which I will expand in this week’s earnings call and shareholders meeting,” Byrne said in an announcement of the change. “In the interest of seizing this opportunity most aggressively, I am making a significant injection of human capital into tZERO.”
Byrne has been trying to sell the e-commerce portion of Overstock.com since last year, in hopes of trying to invest more resources and energy into the tZERO blockchain business. Blockchain, best known as the technology behind the digital currency Bitcoin, is a form of maintaining internet-based ledgers of data such as customer records and commerce transactions.
Overstock will report its first-quarter earnings tomorrow May 8 and will expand on these announcements.
The web-only mass merchant is No. 32 in the newly released Internet Retailer 2018 Top 1000.Favorite