A deal for Build.com to acquire web-only small appliances merchant Living Direct has been in active negotiation, sources tell Internet Retailer.
John T. “Jack” Byrne replaces son and CEO Patrick Byrne as chairman. Ray Grove, retired chairman and CEO of Ernst & Young, and former Overstock president and CFO Jason Lindsey join the board of directors.
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 Lindsey, former president and CFO of Overstock.com, have been named to the company’s board.
Jack Byrne served as an Overstock.com director from October 1999 until October 2002; he rejoined the board as a director in June 2004. A veteran of the insurance industry, Jack Byrne recently retired as chairman of White Mountain Insurance Group and Montpelier Re. He is a former CEO of White Mountain, GEICO and Fireman’s Fund.
“I believe it is healthy to separate the chief executive and chairman duties,” says Patrick Byrne of Jack Byrne’s appointment, noting that the company had indicated the appointment was forthcoming three months ago. “My father’s business expertise and experience has served Overstock.com well over the years and will surely benefit the company going forward.” Overstock ranks No. 19 in the Internet Retailer Top 400 Guide to Retail Web Sites.
Grove, with Ernst & Young for 37 years, had served as its chairman and CEO for 17 years until retiring in 1994. He was then chairman of Legg Mason Merchant Banking from 1995 until 2000, and president, chairman and senior advisor of March Inc. from 2001 to 2005. A director of Boston Scientific Corp. and Electronic Data Systems Corp., he is former chairman of the board of directors of the American Institute of Certified Public Accountants.
Lindsey co-founded Overstock.com with Patrick Byrne. He was Overstock’s CFO from 1999 until he retired August 2003, and served also as Overstock.com’s president from April 2003 until his retirement in August of that year. Lindsey also was on Overstock`s board of directors from October 1999 to October 2003.