Overstock.com announced that James V. Joyce has resigned from the Board of Directors of Overstock.com. The board of directors had appointed Joyce to serve as a director for a term beginning January 14, 2008 and ending in 2010. In SEC filings, Overstock.com said Joyce's resignation was not the result of a disagreement with the company on any matter relating to the company's operations, policies or practices.
"Mr. Joyce and the Company are concurrently ending the Company's consulting arrangement with Icent LLC, which is a management consulting company of which Mr. Joyce is the chief executive officer, and through which Mr. Joyce has provided consulting services to the Company," according to the filing. "In connection with the termination of the consulting arrangement, the Company has agreed to pay $1,250,000 to Mr. Joyce."
Chairman and CEO Patrick Byrne said in a press release on Wednesday, "James' consulting engagement has been concluded with his customary extraordinary results. James' advice has been of tremendous value to me, the board, and the company for years, but especially over the last two years of getting the company back on the rails. I am deeply in his debt." Mr. Joyce had been a director since January 2008.
On March 23, 2009, the Overstock.com Board also fired its accounting firm PricewaterhouseCoopers LLP and hired Grant Thornton LLP as its independent registered public accounting firm as its auditor of record for the fiscal year ending December 31, 2009. The company will hold its annual stockholder meeting on May 6, 2009, at its distribution center in Salt Lake City.
In other news, Overstock Auctions said it was relaunching Discussion Boards for its auction community. The company's Director of Auctions Doug Minnick said, "Overstock.com Auction's is currently developing its own forums for the Auctions site here. Overstock.com Auctions will have the forums up shortly." The former discussion forum for auction sellers is still available for viewing but has not been active since March 5, 2009.
