Overstock CEO Patrick Byrne | Photo Nick Wagner, KSL
SALT LAKE CITY — Overstock CEO Patrick M. Byrne is resigning saying that he doesn’t want to disrupt possible strategic discussions for the e-commerce site because he has become “far too controversial to serve as CEO.”
This comes after the Utah based company took a dive in the markets after Byrne released a statement last week that he had assisted in the “Russian investigation” from 2015.
In a letter released to shareholders on Thursday Byrne says much of that controversy came after sharing his involvement in “certain government matters.”
“Doing so was not my first choice,” he writes, ” but, I was reminded of the damage done to our nation for three years and felt my duty as a citizen precluded me from staying silent any longer. So, I came forward in as carefully and well-managed fashion as I could.”
Byrne says that though many people have reached out to tell them of his support, he is concerned that his presence leading the company may affect business relationships and is stepping down from his CEO and board responsibilities immediately.
“While I believe that I did what was necessary for the good of the country,” he told shareholders, “for the good of the firm, I am in the sad position of having to sever ties with Overstock, both as CEO and board member, effective Thursday, August 22.”