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Overstock CEO Quits In Shame Over Russia Ties

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Online retailer Overstock.com Founder and CEO Patrick Byrne stepped down, effective August 22. In a letter to the shareholders, Byrne said he does not wish to disrupt possible strategic discussions, adding, "Already far too controversial to serve as CEO."

Byrne, who founded the company twenty years ago, has been mired in controversies after he revealed that he assisted the FBI in the 'Clinton Investigation' and the 'Russian Investigation' since 2015. Byrne said he was in the belief that he was helping legitimate law enforcement efforts

Byrne added that he was operating under the belief that he was helping legitimate law enforcement efforts. He also reportedly confirmed that he got unknowingly involved in political espionage conducted against the 2016 US presidential candidates Hillary Clinton and Donald Trump.

He has also reportedly admitted in a few recent media interviews that he was involved in an intimate relationship with a Russian agent Maria Butina between 2015 and 2018. However, he later helped law enforcement agencies in their investigations on the accused agent, who is said to be serving 18 months in prison.

Byrne said he plans on "sitting back and watching the United States Department of Justice re-establish Rule of Law in our country."

Overstock.com named Jonathan Johnson as its interim chief executive. Johnson has been with the company for nearly 17 years and serves on the Board and as the President of Medici Ventures.

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