The online retail giant Overstock is in the latest cryptocurrency news today for announcing a new CEO named Jonathan Johnson. What’s interesting is the fact that Overstock remains committed to blockchain even with the new CEO and the departure by the previous chief executive Patrick Byrne.
An announcement emailed to many best cryptocurrency news sites shows that Overstock remains focused on blockchain – and that Johnson had been appointed by its board, having served as Interim CEO since August 22. This is also the time when Byrne stepped down as CEO and member of the Overstock board after he admitted to a three-year relationship with Maria Butina who was a Russian agent – now serving 18 months in prison.
The new CEO Johnson, who also heads the blockchain accelerator by Overstock named Medici Ventures, said that he is “confident that Overstock’s future in retail and blockchain is bright.”
The announcement from today shows that Overstock remains committed to blockchain through its accelerator Medici Ventures. The new CEO Johnson confirmed this, stating:
“Overstock has two unique businesses. I have run both, and I know how to unlock the value in each. I’m confident we can rapidly return our retail business to profitable growth. Our transformative blockchain businesses continue to lead their respective industries by getting real products into production.”
In a retail guidance provided along with the news, Overstock set out a number of market factors which the firm expects to affect its profitability. The new CEO added: “In spite of these recent headwinds, we’re confident in our retail strategy.”
We can see that Overstock has had a turbulent two months for a lot of reasons. Even though Overstock remains committed to blockchain on paper, the company had apparently attempted to block short sellers from trading the digital asset for six months. However, the company softened its stance by restructuring the dividend to make it freely tradeable at issuance.
In today’s announcement which was featured on many altcoin news sites, Overstock also added that it appointed the former principal financial officer Robert Hughes as acting chief financial officer after the resignation of Greg Iverson from the role last week.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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