Overstock.com names new chairman and two new directors

[mandy]

Overstock.com has named director and vice chairman John T. “Jack” Byrne as its new chairman, a title that had been held by CEO Patrick Byrne, Jack Byrne’s son. Ray Groves, retired chairman and CEO of Ernst & Young, and Jason Lindsay, former president and CFO of Overstock.com, have been named to the company’s board.

“I believe it is healthy to separate the chief executive and chairman duties,” says Patrick Byrne of Jack Byrne’s appointment

full article: http://www.internetretailer.com/dailyNews.asp?id=16530

[amy]

After only 5 months on the job...

Overstock 'jihad' divides father and son

Even Overstock.com Chairman John "Jack" Byrne, the father of CEO Patrick Byrne, wants his son to give up his fight against bankers, investors and journalists who the younger Byrne claims are trying to purposely deflate his company's stock price.

In an interview with CNET News.com, Patrick Byrne acknowledged that taking up the issue, which has made him one of the nation's most controversial executives, has prompted his father to consider stepping down as chairman.

"I've never expected him to (understand) this fight," said Patrick Byrne of his father. "He's been making noise about stepping down."...

full article: http://news.com.com/Overstock+jihad+divi...g=nefd.top

The chairman of Internet retailer Overstock.com told a newspaper Thursday that he may step down in a disagreement with his son's "jihad" against market analysts and financial writers.

Chairman John "Jack" Byrne called Overstock CEO Patrick Byrne's fight distracting. The younger Byrne is waging a public-relations and legal battle with short-sellers and analysts he contends are conspiring to depress the company's stock price...

John Byrne said he'd seriously consider stepping down as chairman after stockholders meet next month, but would remain on the board as a director....

full article: http://www.businessweek.com/ap/financial...pn_home_up&chan=db

VERY related topic: The bizarre world of Patrick Byrne's Overstock http://community.tuliptools.com/index.ph...560.0.html

[Kristijntje]

Patrick Byrne says there is no family feud:

Jack Byrne says he would rather step down as chairman than strain the father-son friendship with continued wrangling about how to run Overstock - and what windmills are in need of tilting.

"I have told Patrick this and mentioned it to the board," the elder Byrne says. "We will discuss the matter at our April board meeting. There are many strong business [people] on the board, anyone of whom would make a fine chairman."

Bottom line, Jack Byrne adds: "The son-father thing is getting in the way."

Maybe the Byrnes can take comfort from other father-son teams who have made it in business without tearing apart familial bonds...

"I take him at his word. [But] I hope he will not step down," Patrick Byrne says. "My father is a tremendous asset."

full article: http://www.sltrib.com/business/ci_3616813

[amy]

Less than 1 year after giving up Overstock's Chairman job (to his father Jack Byrne), CEO Patrick Byrne is once again back as Chairman of Overstock.

At its annual stockholders meeting in Salt Lake City today, Overstock.com® (Nasdaq: OSTK) announced that the board of directors has appointed Patrick M. Byrne chairman and chief executive officer, and Jason Lindsey president and chief operating officer of Overstock.com. Jack Byrne, Overstock.com's prior chairman and father of Patrick Byrne, was named deputy chairman.

(http://www.newscom.com/cgi-bin/prnh/2003...U020LOGO-a )

"Jason is a brilliant businessman and was my partner in launching Overstock," said the younger Byrne. "I'm thrilled to have him back. My father continues to be my most important advisor."

Lindsey served as Overstock.com's chief financial officer from 1999 until he retired in August 2003, and as president from April 2003 until his retirement in August 2003. He has also served on the Overstock.com board for much of the company's history. Prior to launching Overstock.com, Lindsey served as a certified public accountant with PricewaterhouseCoopers and in various financial positions for Icon Health & Fitness, most recently as the Director of Finance for European Operations.

Jack Byrne retired as chairman of White Mountain Insurance Group and Montpelier Re, and is a former chief executive officer of White Mountain Insurance Group, GEICO and Fireman's Fund. A legend in the insurance industry, Byrne brought GEICO back from the brink of the largest insolvency in the history of the insurance industry. Under Jack's leadership GEICO became the most profitable property and casualty company of his era.

The elder Byrne served as an Overstock.com director from October 1999 until October 2002, and then rejoined the board in June 2004. He served as Overstock.com's chairman from August 2005 until April 2006. He has also served on the boards of American Express, Martin Marietta, Lehman Brothers, MidOcean, Financial Security Assurance, Zurich Re, and the International Special Olympics.

http://www.shareholder.com/overstock/Rel...eID=194074

[sneakymagenta]

Less than 1 year

His father lasted 6 months.