Overstock.com CEO to take medical leave

Published on NewsOK Modified: February 12, 2013 at 9:18 am •  Published: February 12, 2013
Advertisement
;

SALT LAKE CITY (AP) — Overstock.com Inc. said Tuesday that its CEO and founder, Patrick Byrne, will take a medical leave of absence.

The online discount retailer said that Jonathan Johnson, its president, will serve as acting CEO while Byrne is away. Byrne will remain chairman of the company's board.

Overstock said that Byrne's departure is related to cardiac problems that may stem from earlier brushes with cancer. He has had procedures in recent years for the cardiac problems.

The outspoken Byrne, who started the company in 1999 and took it public in 2002, was arrested in January for carrying a gun inside an airport terminal in Salt Lake City. He told authorities he didn't realize the .40-caliber Glock was inside his carry-on bag.

Johnson has been with Overstock for more than 10 years, becoming president in 2008.

Shares of Salt Lake City-based Overstock.com fell 28 cents, or 2.2 percent, to $12.56 in morning trading.