Company Snapshot: Overstock.com
6350 S 3000 E
Salt Lake City, UT 84121
Total Annual Sales:
Dr. Patrick M. Byrne: CEO
Jonathan E. Johnson III: Chairman of the Board of Directors
Stormy D Simon: President
David J. Nielsen: Senior VP, Business Development
Last year at this time, the Overstock board issued a statement that company founder, Chairman and CEO, Dr. Patrick M. Byrne, “will be taking a personal leave of absence for medical reasons. Overstock.com President Jonathan Johnson will serve as Acting CEO during Dr. Byrne’s leave of absence. Dr. Byrne will remain Chairman of the Board.”
The notice sent a shudder through the investment community. Also noted, was the temporary creation of a co-presidency, to be held by Stormy Simon and David Nielsen.
Now Dr. Byrne is back and running his company in full force as CEO. Mr. Johnson currently serves as Chairman of the Board of Directors. Stormy Simon remains President as David Nielsen returns to his position as Senior VP, Business Development.
Lately the company has been very busy indeed. In October, the company declared a return to its roots as an online liquidation pioneer, as it purchased the entire inventory of online jewelry company Bidz.com, out of foreclosure. The retail value of the acquired jewelry was estimated at $89 million. President Stormy Simon stated that the company is actively seeking such deals, much as Dr. Byrne had as he started the company as the new millennium approached.
A week later the company essentially commenced a price war with Amazon.com as Overstock issued a press release stating that book prices across its site are actually lower than Amazon’s. Additionally, members of Overstock’s Club O loyalty program would receive 15 percent back in reward dollars on every book purchase through the month ending on Cyber Monday.
Just a few days ago Overstock announced an initiative aimed at promoting mainstream adoption of digital currencies like Bitcoin. Thus the retailer installed a Bitcoin ATM at its corporate headquarters in Salt Lake City. The ATM is accessible 24/7 and allows the public to convert U.S. dollars to Bitcoin, and Bitcoin to U.S. dollars.
It seems that Dr. Byrne is back from his personal leave with a passion, a passion that saw his company through the Internet bubble, at its creation.