The board of directors of Salt Lake City-based online retailer Overstock.com has made the appointment of Jonathan Johnson as CEO permanent. Johnson had been serving as interim CEO since Aug. 22, when Patrick M. Byrne resigned as CEO and board member of the company following his public claims that he had been involved in political espionage and had a romantic relationship with alleged Russian agent Maria Butina.
“Jonathan is a strong leader with a steady hand,” said Allison Abraham, chair of Overstock’s board. “He is the best choice to lead Overstock. He has the right experience in both our retail and blockchain businesses and the board has confidence in his ability to deliver value to our shareholders.”
“Overstock has two unique businesses,” said Johnson. “I have run both and I know how to unlock the value in each. I’m confident we can rapidly return our retail business to profitable growth. Our transformative blockchain businesses continue to lead their respective industries by getting real products into production.”
The company also announced that Overstock’s chief financial officer, Greg Iverson, has resigned and that previous principal financial officer Robert Hughes has been named acting CFO while the company seeks a permanent replacement for Iverson.
“Rob was the company’s senior vice president of finance and risk management for five years and controller for four years. He is intimately familiar with Overstock’s businesses and financial systems,” said Johnson. “Under his guidance, Overstock had steady and positive financial results and reporting. I’ve worked closely with Rob for many years and he is a great person to oversee our finance department while we look for a permanent CFO. I appreciate his willingness to step in during the transition. Rob will ensure the company does not miss a beat.”
“I know the finance team well and am confident that they will assist me in making this a positive and smooth transition while the company searches for a new CFO,” said Hughes.
Johnson joined Overstock in 2002 as the company’s general counsel and has held various business and legal-related positions within the company, including five years as president. He remains a board member which he was from 2014 to 2017. He also continues to serve as president of Overstock subsidiary Medici Ventures.
Prior to joining Overstock, Johnson was with TenFold Corp. in various positions, including CFO and general counsel. Before that, he practiced corporate law in Los Angeles with two international law firms. He also served as a judicial clerk at the Utah Supreme Court.
Meanwhile, Byrne has filed paperwork with the Securities and Exchange Commission announcing the sale or donation of all his shares of Overstock common stock and has severed all ties with the company. In a release from Overstock, the company said that Byrne “continues to be a public figure, and the views he expresses and actions he takes are his own.”