Business

Overstock.com's CEO takes medical leave

Posted April 11, 2016 7:00 am

The Associated Press

NEW YORK (AP) - Overstock.com Inc.'s founder and CEO, Patrick M. Byrne, said he will take a personal leave of absence for medical reasons.

Byrne recommended to the board of directors that current general counsel Mitch Edwards take over as acting CEO.

The Salt Lake City-based online retailer is unsure of whether he will return.

The cause for the leave is stage IV hepatitis C. Byrne contracted it in China in 1984 when he had a head wound sewed up under what he termed as "less -than-ideal" conditions.

Hepatitis C is a liver disease caused by a virus that is transmitted through blood. A common mode of infection includes the inadequate sterilization of medical equipment and the transfusion of unscreened blood products.

"I have finished treatment and think I have it beat but only time will tell," Byrne said in a statement.

Overstock.com's shares rose 36 cents, or 2.5 percent, to $14.69 in morning trading. Its shares have fallen more than 40 percent over the past year.

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