Overstock.com edits its board
SALT LAKE CITY — Online discount retailer Overstock.com held its annual meeting and made changes to its board of directors.
Stockholders re-elected Joseph J. Tabacco and elected Jonathan E. Johnson III to the company's board for terms of three years each. The board also named Johnson as its new executive vice chairman.
Tabacco has beed a director on Overstock.com's board since June 2007. He is a member of the Audit Committee and the Compensation Committee and is the chairman of the Nominating and Corporate Governance Committee. Johnson came over to Overstock.com on Sept. 2002 and has been president and corporate secretary since July 2008. Johnson has also been general counsel and VP of strategic p6rojects and legal, as well as SVP of corporate affairs and legal.
"I am grateful our stockholders have re-elected Joe and elected Jonathan to the board. To date, Joe has made enormous contributions to the board. Jonathan's election is a well-deserved achievement in his 10-year history of exceptional executive work for the company. I'm looking forward to his contributions as board executive vice chair," Overstock.com chairman and CEO Patrick M. Byrne.
The company's stockholders also ratified the selection of KPMG as the company's independent accountants. KPMG is under fire from a U.K. accounting watchdog which has launched two separate investigations regarding the firm’s auditing practices — this latest blow comes just a month after the firm fired senior partner Scott London in Los Angeles for alleged insider trading. London has since been charged with criminal insider trading by the U.S. Department of Justice.
Overstock.com is based in Salt Lake City, Utah, and sells a broad range of products including furniture, rugs, bedding, electronics, clothing, jewelry and cars.