CEO Patrick Byrne taking leave of absence from Overstock.com

Furniture Today Staff -- Home Accents Today, 2/12/2013 4:43:09 PM

SALT LAKE CITY - Overstock.com's chairman and CEO, Dr. Patrick Byrne, is taking a leave of absence for medical reasons, the online retailer announced Tuesday.

Overstock.com President Jonathan Johnson will serve as acting CEO during, although Byrne will remain chairman of the board of the Salt Lake City-based company, which sells a wide variety of consumer products including furniture, rugs, bedding and consumer electronics

The company said that Byrne has undergone procedures in recent years regarding cardiac issues that may stem from his earlier episodes of cancer, and his leave of absence is associated with these cardiac issues.

"We've worked hard this past year and delivered good results; our team is executing exceptionally well, putting points on the board. We have set our company plan for 2013 and I have great confidence in my colleagues to execute it," said Byrne.

Johnson has been with the company for more than 10 years and has served as president since July 2008. He earlier served in various roles including senior vice president and general counsel. He is also corporate secretary.

"My colleagues and I will continue to execute on our plan. and we look forward to the time when Patrick returns to the helm," Johnson said.