Overstock CEO Patrick Byrne is resigning due to the scandal surrounding his romance with an alleged Russian spy.
The Overstock (NASDAQ:OSTK) CEO addresses the issues in a recent news release from the company. In it, he says that his continued leadership of the company could lead to problems for the business. He also notes that the controversial nature of the news is too much for him to continue to serve as the CEO of the company.
Here’s a portion of that letter from now former Overstock CEO Patrick Byrne.
“Coming forward publicly about my involvement in other matters was hardly my first choice. But for three years I have watched my country pull itself apart while I knew many answers, and I set my red line at seeing civil violence breaking out. My Rabbi made me see that “coming forward” meant telling the public (not just the government) the truth. I now plan on leaving things to the esteemed Department of Justice (which I have doubtless already angered enough by going public) and disappearing for some time.”
Overstock CEO Patrick Byrne stepping down also has him leaving his seat on the Board of Directors. Dr. Kamelia Aryafar is taking over this seat from the former CEO. Jonathan Johnson III is also going to be serving as the interim CEO of Overstock. The company didn’t reveal any details about searching for a permanent replacement for Byrne.
OSTK stock was up 6% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
