Overstock Chairman Chooses Son Over Company
By George Anderson
The chairman of Overstock.com, John “Jack” Byrne, says that, if he steps down from his post after the annual shareholders’ meeting this April, it will be because he’d rather keep his relationship with his headstrong son than become a board chairman elsewhere.
The son in question is Overstock.com’s CEO Patrick Byrne and, as his father told The Wall Street Journal, he’s not sure the younger Byrne is making the best use of his time pursuing what he calls a “jihad” against short sellers.
In August, Overstock.com filed a lawsuit against the Rocker Partners hedge fund and the research firm of Gradient Analytics. The suit alleges the two companies conspired together to publish negative analyses of Overstock.com’s business.
Moderator’s Comment: Do you think that Patrick Byrnes self-described “jihad” against short-sellers is taking his focus off of running the company? What
is your assessment of the Overstock.com business? –
George Anderson – Moderator