Overstock CEO Patrick Byrne announced today that he will take a
medical leave of absence from the online retail giant.
Revealed in a letter to shareholders, the move comes as the
online retailer moves ahead with plans to launch a blockchain-powered
securities exchange, dubbed tØ.
Overstock
has spent millions on
that initiative, and the firm recently indicated its intention to issue its own stock on
the platform in the future. Byrne himself has become a noteworthy advocate for
the emerging technology since the online retailer first started taking
bitcoin payments in 2014.
Byrne
said in the letter that
treatment related to a diagnosis of hepatitis C, an infectious disease that
targets the liver, is the primary driver behind the "indefinite"
leave.
Byrne has recommended that Overstock special counsel and senior
vice president Mitch Edwards serve as acting chief executive.
In the letter, Byrne suggested that Edwards would be well-suited
to continue spearheading the firm's blockchain efforts, stating:
"Mitch is an outstanding full-spectrum entrepreneur who has
serving as our general counsel for six months and has learned our business, and
understands our t0 efforts to revolutionize the capital markets."
Image
via Overstock
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