Patrick Byrne, a rare champion of cryptocurrencies among the heads of public U.S. companies, has stepped down from his roles at Overstock.com.
Byrne wrote in a letter to shareholders Thursday that he was stepping down from the company both as CEO and as a member of its board of directors due to insurability and other reasons after admitting to a three-year relationship with Maria Butina, a Russian agent currently serving 18 months in prison after pleading guilty to charges of acting as a foreign agent.
He will be replaced on an interim basis by Jonathan Johnson, the current president of Overstockâs blockchain initiative Medici Ventures, a press release said Thursday.
âIn his twenty years as Overstockâs leader, Patrickâs vision for Overstock as an innovation leader has come to fruition,â Johnson said in a statement. âIt will be my mission as I take the helm to continue and build on Overstockâs achievements and success.â
Johnson added that âI am confident Overstockâs future â both in retail and blockchain â is bright.â
Byrne said Johnson is âprepared ⦠to successfully oversee both our retail and blockchain businessesâ in the press release.
While acting as interim CEO, Johnson will continue to serve on the board of directors for both Medici Ventures and the companyâs security token trading platform tZERO, as well as act as president of Medici.
Patrick Byrne image via CoinDesk archives