Overstock promotes a veteran executive to president

August 5, 2016 03:42 PM Inc. has promoted a company veteran to be its newest president.

The online-only retailer, No. 29 in the Internet Retailer 2016 Top 500 Guide, announced that Saum Noursalehi is taking over as president. He had been one of three executives handling the president’s duties since June when former president Stormy Simon began a leave of absence and then resigned in July. Simon was's highest-paid employee last year, with compensation totaling $917,200, according to public filings.

Noursalehi joined Overstock as a software developer in August 2005, rising up the ranks to eventually become the company’s chief revenue officer.

“Saum has knocked the cover off the ball many times over the years, and I know he will here as well,” CEO and founder Patrick Byrne says. 

Byrne  returned to his CEO post July 27 after taking a three-month medical leave of absence due to stage IV Hepatitis C. Mitch Edwards, Overstock’s general counsel, had been serving as acting CEO in Byrne’s absence. According to a filing with the U.S. Securities and Exchange Commission, Edwards resigned as acting CEO and general counsel on July 27.




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