Overstock.com Tweaks Management in CEO's Absence

Two co-presidents named to take over duties of new acting CEO.

Rich Smith
Rich Smith
Feb 23, 2013 at 3:09PM
Consumer Goods

On Feb. 12, Internet retailer Overstock.com (NASDAQ:OSTK) announced that founder, Chairman, and Chief Executive Officer Patrick Byrne is having problems with his heart and has taken a medical leave of absence. At that time, Overstock President Jonathan Johnson was named acting CEO in Byrne's absence.

On Friday, Overstock announced further tweaks to its management structure in the absence of its founder:

  • Johnson gives up the president's post and becomes acting CEO only.
  • Stormy Simon, senior vice president in charge of customer and partner care, is promoted to co-president and given additional responsibility for warehouse logistics, press relations, social media, and strategic marketing.
  • David Nielsen, senior vice president in charge of merchandising and supply chain, is promoted to co-president and given additional responsibility for international sales, talent management, and information technology.

Overstock made two other changes Friday:

  • Robert Hughes, vice president of finance and accounting, is promoted to the position of senior vice president of finance and risk management, replacing Stephen Chesnut in this position.
  • Saum Noursalehi, vice president of OLabs, becomes senior vice president of marketing, replacing Timothy Dilworth in this position.

Overstock shares rose 1.2% to close at $12.52 Friday in response to the moves.