Business as usual at Overstock following Patrick Byrne’s departure

US online retailer Overstock’s new interim CEO is not planning any major changes to its blockchain efforts following the departure of founder, Patrick Byrne, last week.

“The fact that I am stepping into the CEO role means more of the same and more of the same focus for our blockchain business,” Jonathan Johnson told CoinDesk. “This isn’t an example of the board [of directors] saying, ‘We need a new CEO because the vision’s wrong,’” he added.

Johnson also hinted that Overstock may begin accepting more cryptocurrencies as payment (the retailer got onboard with Bitcoin in 2014). “I would love to see us accepting ravencoin, I just think that would be great. My view is any kind of widely accepted cryptocurrency, Overstock should be accepting,” he commented, although he did not discuss when this would happen.

Severing ties

Under the watch of Byrne, Overstock had in recent years shifted much of its focus from selling stuff to blockchain technology. As Bitcoin soared, the company’s share price hit an all-time high of $84 and then, as the cryptocurrency ran into troubled times, plunged to below $10.

Overstock has developed a crypto trading platform called tZero and a digital token of the same name. This officially launched in 2018 through its blockchain subsidiary, Medici Ventures, raising over $130 million in an initial coin offering last summer. Despite an ongoing SEC investigation, the company is set to make tZero trading available to non-accredited investors this month.

In a resignation letter, Byrne said it was impossible to continue as CEO due to distraction and fallout related to his involvement in a Federal Bureau of Investigation Russian espionage probe.

“While I believe that I did what was necessary for the good of the USA, 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,” Byrne wrote. “It has been an honour to serve you through thick and thin, threats grand and arcane, for the past 20 years.”

He also confirmed media reports that he had a personal relationship with Maria Butina, a convicted Russian agent currently in a US prison.

“Patrick has successfully created and moulded Overstock over the years by pioneering the marriage of tried and proven competitive business principles with cutting edge data analytics and technology; a true visionary,” said Kamelia Aryafar who is taking his place as board member and Executive Vice President of Overstock Retail. “I am excited to join the board and I look forward to continuing the company’s trajectory and contributing to its future success.”