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Patrick Byrne Resigns As CEO Of Overstock

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Patrick Byrne Resigns As CEO Of Overstock

Overstock.com, Inc. (NASDAQ: OSTK) CEO Patrick Byrne has resigned. Jonathan Johnson will take over as interim CEO and Kamelia Aryafar as a board member and executive vice president of Overstock Retail.

Byrne said he came forward last month "to a small set of journalists regarding my involvement in certain government matters."

In a letter addressed to shareholders, Byrne wrote, "my presence may affect and complicate all manner of business relationships, from insurability to strategic discussions regarding our retail business... I am in the sad position of having to sever ties with Overstock, both as CEO and board member, effective Thursday August 22."

"In his twenty years as Overstock's leader, Patrick's vision for Overstock as an innovation leader has come to fruition. It will be my mission as I take the helm to continue and build on Overstock's achievements and success," Johnson said in a statement.

Overstock shares were halted at $19.55 Thursday afternoon ahead of the announcement. Shares resumed trading at 12:30 p.m. ET, up more than 16% to $22.71.

The stock has a 52-week high of $31.40 and a 52-week low of $8.96.

Related Links:

Overstock CEO: 'We Will Sell The Retail Business If It Makes Sense'

Overstock CEO Releases Bizarre Statement To Explain Massive Stock Sale

Photo courtesy of Overstock.

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