On Tuesday, online retailer Overstock.com (NASDAQ:OSTK) announced that Chairman, Chief Executive Officer, and founder Patrick Byrne is taking a personal leave of absence from the company "for medical reasons." Byrne will technically remain chairman of the board, but Overstock President Jonathan Johnson will take over the duties of CEO in Byrne's absence, serving as acting CEO.
In a statement on the temporary departure, Overstock clarified that Byrne's leave of absence is "associated" with cardiac issues possibly related to his previous affliction with cancer. For his part, Johnson expressed confidence in the company's ability to "execute" in the CEO's absence and said he looked forward "to the time when Patrick returns to the helm."
Investors appeared to take the news in stride, sending Overstock shares down only 0.4% in Tuesday trading.