Overstock.com president Stormy Simon resigns
July 15, 2016 04:15 PM
Overstock.com Inc. president Stormy Simon has resigned, effective no later than July 25, to “pursue other opportunities” and will leave the board no later than Sept. 30, the online-only retailer said Friday.
Simon began a temporary leave of absence on June 6, according to documents filed June 8 with the U.S. Securities and Exchange Commission. Her leave was expected to last approximately 65 days and she was to be available to consult with the company during her leave, according to the filing.
“We wish to thank Stormy for her long and valued service, leadership, and passion for Overstock,” Patrick Byrne, Overstock’s founder and CEO said Friday. He has been on an indefinite medical leave since April. “She has been a key contributor to Overstock’s evolution and growth from the early years, serving in a broad spectrum of roles and providing valuable leadership as president since 2014, and as a member of our board since 2011.”
Simon could not be reached for comment Friday but in a statement via Overstock said, “While I will miss seeing my friends at Overstock on a daily basis, I am excited to focus my efforts on helping lead a new generation of entrepreneurs in developing a new sector of emerging markets.”
Simon was Overstock.com's highest-paid employee last year, with compensation totaling $917,200, according to public filings. She will receive $325,000 as severance, and 19,759 shares of Overstock stock previously granted to her will be vested. At today's market value, that stock is worth about $327,000.
Overstock, No. 29 in the Internet Retailer 2016 Top 500 Guide with $1.66 billion in 2015 web sales, named Simon president two years ago when it split the post of chairman and CEO, with Byrne remaining CEO and Jonathan Johnson, a longtime company executive, becoming chairman.
The president’s duties will continue to be divided among acting CEO Mitch Edwards, chief revenue officer Saum Noursalehi and senior vice president Brian Popelka, as they had been since Simon's leave began.