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Consumer >> CEO Interviews >> August 14, 2014

Interview with the CEO: Overstock.com, Inc. (OSTK)

Bryne, Patrick Michael
Dr. Patrick Michael Byrne, CEO, launched Overstock.com, Inc., in 1999 with revenues of $1.8 million. In 2013, Overstock.com had revenues of $1.3 billion and net income of $88.5 million. Forbes magazine named Overstock.com the number nine Best Company to Work for in the Country for 2010 and Dr. Byrne the CEO with the highest employee approval rating — 92%. Dr. Byrne received the 2011 Ernst & Young National Entrepreneur of the Year Award. In 2001, Dr. Byrne began Worldstock Fair Trade, an Overstock.com division selling handcrafted products from artisans in developing nations. The department distinguishes itself by returning 60% to 70% of the sale price to artisans; over $100 million has been paid to Worldstock’s artisan suppliers. In addition, all Worldstock net profits are donated to fund philanthropic projects in several countries. Worldstock and Dr. Byrne have funded the building of 26 self-sustaining schools internationally that currently educate thousands of students. A “classical liberal,” Dr. Byrne believes that our nation’s success depends on a sound educational system and a healthy capital market. Since Milton Friedman’s passing in 2006, Dr. Byrne has served as Chairman of The Friedman Foundation for Educational Choice, an organization leading the national debate for school vouchers. Toward the goal of clean capital markets, in 2004, Dr. Byrne — as a citizen journalist — began a vigorous campaign against abusive Wall Street practices, focusing on regulatory capture; hedge fund "expert network", or insider trading, schemes; settlement system failures; systemic risk; and the possibility of economic warfare against the U.S. by organized crime and foreign governments. His stance quickly caught the attention of Wall Street analysts and reporters, and became a point of high controversy and ridicule until the economic crash of 2008, occasioned by the very things Dr. Byrne had warned of. Dr. Byrne's website DeepCapture.com has received much recognition, such as Weblog Awards’ Best Business Blog in 2008, Business Pundit's Best Business Investigative Journalism in 2009 and Xmark's Top Site on Corruption in the USA in 2010. Before founding Overstock.com and serving as Chairman, CEO and President, Dr. Byrne held the same three positions at Centricut, LLC, a manufacturer of consumables for industrial plasma torches, and held the same three positions at Fechheimer Brothers, Inc., a Berkshire Hathaway company manufacturing police, firefighter and military uniforms. Dr. Byrne received a bachelor’s degree in philosophy and Asian studies from Dartmouth College, a master’s in philosophy from Cambridge University as a Marshall Scholar and a doctorate in philosophy from Stanford University. He has taught at the university level and is a frequent guest lecturer discussing Internet commerce, capital markets, Wall Street practices, education, leadership and ethics.  Profile
 TWST: I want to start and talk about the Bitcoin effort that you’ve discussed, and you’ve talked about both potentially issuing it to investors and also about taking Bitcoin
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