CEOs

Overstock CEO resigns due to romantic involvement with Russian agent

overstock ceo
Overstock CEO Patrick Byrne. Photo: Steven Ferdman/Getty Images

Patrick Byrne resigned as CEO of online retailer Overstock.com Thursday after the company publicly announced his relationship with admitted Russian agent Maria Butina, the New York Times reports.

The big picture: Writing in a letter to shareholders, Byrne said his disclosure "may affect and complicate all manner of business relationships." The relationship lasted from 2015 to 2018 and was mostly unknown until Overstock posted a news release last week. Byrne was involved in the federal inquiry into the 2016 presidential election that was handled separately from special counsel Robert Mueller's investigation into Russian interference. He said he had helped law enforcement agents with their "Clinton Investigation" and "Russia Investigation," per NYT.

Corporate America's changed mission isn't without its critics

Illustration: Lazaro Gamio/Axios
Illustration: Lazaro Gamio/Axios

Monday was all about the warm fuzzies in Corporate America, after Business Roundtable changed its mission statement to acknowledge that companies have obligations to all stakeholders, not just those with stock certificates.

However, the adulation wasn't universal. Several business bigs want to know what happens when interests of various stakeholders come into conflict. If fiduciary duty to owners is no longer primary, what drives final decisions?