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published on August 22, 2019 - 12:49 PM
Written by Associated Press

(AP) — The CEO of Overstock.com has resigned, saying he’d become “far too controversial” to helm the e-commerce company known for selling discounted sofas and jewelry.

Patrick Byrne’s resignation Thursday came after the company issued an bizarre statement last week in which the former CEO referred to the “Deep State,” called federal agents “Men in Black” and confirmed a journalist’s stories detailing his relationship with Maria Butina, a gun-rights activist who was sentenced to prison for being an unregistered agent of Russia.

Overstock.com’s shares fell 36% in the two days after the statement was made public.

Overstock.com, which is based in Midvale, Utah, named company veteran and board member Jonathan E. Johnson III as interim CEO.


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