Yesterday Patrick Byrne, CEO of Overstock.com, resigned his position. Now CEO’s do leave their companies from time to time. However, few if any CEO’s have done so for the reasons Byrne put forth.
Byrne has led the company for 20 years. In 1999, Byrne was approached by the founder of D2-Discounts Direct with a request for operating capital. Byrne found the idea of online closeouts intriguing, and invested $7 million for a 60 percent equity stake in the company in the spring of 1999. In September the same year he took over as CEO, and the following month the company was renamed Overstock.com.
According to Patrick Byrne, due to earlier relationships with federal law enforcement (17 years ago…helped to snare the murderer of a friend and 12 years ago…helped with a Wall Street investigation), he was approached in/around 2015 to help out the FBI with another operation.
As he indicates, he felt there was something fishy about the operation. However, the people who approached him he felt were honorable. It was only several years later that he figured out where the orders had come from.
Byrne has Continue reading...