In its second-largest acquisition, Amazon buys the company for $970 million.
Overstock promotes three staffers to senior level management and drops the C from everyone’s title.
No more C-level titles at Overstock.com Inc., the company announced today. Salt Lake City-based Overstock took the opportunity when announcing three promotions to also report that there will be no more chief this or that at Overstock. Patrick Byrne is now president, not CEO, David Chidester is vice president of finance, no longer acting CFO, and CTO Shawn Schwegman is now vice president of technology.
Overstock also announced that Russell "Tad" Martin has been promoted to vice president of merchandising and operations; Stormy Simon has been promoted to vice president of books, music and videos and offline marketing; and Kamille Twomey has been promoted to vice president of marketing.
Martin will manage buying, business-to-business sales, customer service, warehouse operations and fraud management. Formerly a sporting goods buyer and director of merchandising for the company, Martin came to Overstock.com in 2000 through the acquisition of Gear.com where he was a senior product manager.
Simon will head up the Overstock.com books-music-videos category and oversee all offline marketing including television, radio and print advertising. Simon joined Overstock.com in 2001 and has held various marketing and management positions including director of business-to-business. Simon was responsible for the `Have You Discovered the Secret of the Big O?` campaign.
Twomey is responsible for web site design and all Internet, e-mail, affiliate, and partner marketing programs. Before Overstock.com in March 2003, Twomey was a financial analyst with Goldman Sachs in New York.
Overstock also took the opportunity to position itself as a mainstream company operating on traditional values. "It`s clear to me that the old-economy, value-based principles on which Overstock.com was built are inherent within each of these individuals," Byrne said in a statement announcing the promotions.