Overstock.com CEO Patrick M. Byrne has changed his title to President of Overstock Retail as the company shuffles management amid the emphasis on cryptocurrency subsidiary, tZERO.
With the changes, Overstock seeks to accelerate the growth of tZERO, a company focusing on the development and commercialization of financial technology. The platform is based on cryptographically-secured and decentralized ledgers known as blockchain technologies.
Byrne also is giving up the role as CEO of tZERO, instead assuming the role of Executive Chairman. Saum Noursalehi, former President of Overstock.com, will assume the role of CEO of tZERO.
“As a business-oriented technologist, his fingertip sense of the high costs of centralizing information and strong understanding of product teams and agile management makes him an extraordinarily effective executive,” said Byrne in a letter to shareholders. “Saum’s proven track record as an innovative leader will help tZERO cement its market-leading position at the forefront of the emerging security token capital markets space.”
Additionally, Ralph A. Daiuto, Jr., Esq. has been named President of another Overstock subsidiary, SpeedRoute, on top of his present roles of general counsel and COO of tZERO. He is an attorney and business leader with more than two decades of experience in the securities industry.