Overstock Appoints Interim Chief Executive Officer and New Board Member
August 22 2019 - 12:02PM
Allison Abraham, the Chair of Overstock.com,
Inc.’s (NASDAQ:OSTK) Board of Directors, announces the
appointment of Mr. Jonathan E. Johnson III as its Interim Chief
Executive Officer and Dr. Kamelia Aryafar as member of the Board of
Directors in the wake of the resignation of Dr. Patrick M. Byrne as
CEO and member of the Board. Johnson has been with the Company for
nearly 17 years and serves on the Board and as the President of
Medici Ventures, the company’s wholly owned subsidiary focusing on
blockchain innovation. Aryafar has been with the company since 2017
and serves as the Chief Algorithms Officer.
“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,” said Johnson. “I am confident
Overstock’s future – both in retail and blockchain – is
bright.”
“Dr. Byrne has successfully created and molded Overstock over
the years by pioneering the marriage of tried-and-proven
competitive business principles with cutting edge data analytics
and technology; a true visionary,” said Aryafar. “I am excited to
join the Board and I look forward to continuing the company’s
trajectory and contributing to its future success.”
“Jonathan’s diverse and extensive experience here has prepared
him well to successfully oversee both our retail and blockchain
businesses,” said Byrne. “Kamelia is a brilliant machine learning
scientist and ecommerce veteran who has already made great
contributions to our science, engineering, and analytics by
advancing data-driven technology. Her addition to the Board will
continue to propel Overstock forward in its visionary
direction.”
“We respect and understand Patrick’s reasons for resigning and
acknowledge his momentous achievement in taking Overstock from a
startup twenty years ago to one of the nation’s leading online
retailers and positioning it at the forefront of the blockchain
revolution,” said Abraham. “We have full confidence in both
Jonathan’s ability to lead the company, and Kamelia’s expertise and
insights to help the Board successfully lead Overstock into the
coming months and years.”
Johnson will continue to serve on the boards of Overstock,
Medici Ventures, and tZERO; he will also continue in his role as
president of Medici Ventures. In addition to now serving as a
member of the Board, Aryafar is being promoted to Executive Vice
President of Overstock’s retail business, overseeing the continued
implementation of a data-driven and Machine Learning strategy
across the customer, marketing and sourcing departments to provide
the best personalized customer experience. Aryafar will continue to
serve in her role as Chief Algorithms Officer of Overstock’s retail
business. Johnson’s and Aryafar’s new responsibilities commence on
August 22, 2019.
An investor live webcast and conference call will be held on
Monday, August 26, 2019 at 8:30 a.m. ET to discuss these changes in
more detail. To access the live webcast, go to
http://investors.overstock.com. To listen to the conference call
via telephone, dial (877) 673-5346 and enter conference ID 7588584
when prompted. Participants outside the U.S. or Canada who do not
have internet access should dial +1 (724) 498-4326 and then enter
the conference ID provided above.
About Overstock.com
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Digital
Voting Series A-1 Preferred Stock (Medici Ventures’ tZERO
platform:OSTKO) / Series B Preferred (OTCQX:OSTBP) is an
online retailer and technology company based in Salt Lake City,
Utah. Its leading e-commerce website sells a broad range of new
products at low prices, including furniture, décor, rugs, bedding,
home improvement, and more. The online shopping site, which is
visited by nearly 40 million customers a month, also features a
marketplace providing customers access to millions of products from
third-party sellers. Overstock was the first major retailer to
accept cryptocurrency in 2014, and in the same year founded Medici
Ventures, its wholly-owned subsidiary developing and accelerating
blockchain technologies to democratize capital, eliminate
middlemen, and re-humanize commerce. Overstock regularly posts
information about the company and other related matters on
the Newsroom and Investor Relations pages on
its website, Overstock.com.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered trademarks of
Overstock.com, Inc. O.biz and Space Shift are also
trademarks of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein are the
property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in the
Company's Form 10-Q for the quarter ended June 30, 2019, which was
filed with the SEC on August 8, 2019, and any subsequent filings
with the SEC.
SOURCE: Overstock.com, Inc.
Media Contact:pr@overstock.com
Investor Contact:ir@overstock.com
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