The Top 500 retailer buys Campus Deals, which offers mobile coupons to college students.
Overstock’s CEO takes a medical leave
President Jonathan Johnson will step in as acting CEO for Patrick Byrne.
Overstock.com Inc. announced today that CEO and chairman Patrick M. Byrne has begun a medical leave of absence. Jonathan Johnson, president, is now acting CEO, while Byrne remains chairman of the board of directors.
Byrne’s absence is attributed to heart-related issues in recent years that may stem from his bouts of cancer, Overstock says.
Johnson, who has been president since 2008, says the web-only mass merchant has no plans to deviate from its current operating strategy. In the past 18 months Overstock made its supply chain more agile, which it sees as a competitive advantage.
“My colleagues and I will continue to execute on our plan,” Johnson says, adding that they look forward to Byrne’s return. No timetable was given for his return to work.
Overstock’s sales were about $1.099 billion in 2012, a 4.3% increase from $1.054 billion in 2011, the company says.
Byrne, who founded Overstock in 1999, was named chairman and CEO in 2006.
Overstock is No. 27 in the 2012 Internet Retailer Top 500 Guide.