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Overstock.com - Patrick M. Byrne, Chairman & CEO

Gold Stevie Award Winner 2012, Click to Enter The 2013 American Business Awards

Company: Overstock.com, Salt Lake City, UT
Company Description: Overstock.com, Inc. (short cut: O.CO) is a Savings Engine offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel.
Nomination Category: Management Categories
Nomination Sub Category: Executive of the Year - Retail

Nomination Title: Patrick M. Byrne, Chairman and CEO

Tell the story about what this nominee achieved since January 1 2011 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

Under Patrick Byrne’s leadership the Overstock.com’s annual revenue has grown from $1.8 million in 1999 to over a billion in 2010. In January 2010 Patrick spearheaded the launch of O.co, Overstock.com’s new name.

“When we first started our business nearly twelve years ago we only sold surplus inventory, yet we are now no longer just an online liquidator,” said O.co CEO Patrick Byrne. “Our current offerings span from furniture and home decor to cars, vacations and insurance. We want an identity that more accurately reflects our company as it has evolved: Hence 'O.co,.' Our customers have long associated 'O' with Overstock.com, which is making the transition to O.co seamless. Globally, we are synonymous with the 'O,' making this a natural transition of our brand to a universally understandable and relevant domain.”

Since January 2010 Patrick Byrne has helped small businesses across the U.S. with the Launch of The Main Street Revolution Store. Patrick said. "The Main Street Store creates a national marketing and distribution channel for small businesses by providing them a way to sell their products easily and inexpensively. It is also a place where consumers can contribute to the national recovery by buying products made by entrepreneurs throughout the U.S. It's the new way to shop local." To date the Main Street Revolution Store has helped over 130 vendors across the U.S. and currently carries over 3500 products.

In September 2011 O.co celebrated the 10-year anniversary of its Worldstock Fair Trade department, a department that Mr. Byrne founded. This is a department within O.co devoted to fair trade with artisans in over 60 countries. Worldstock Fair Trade's mission has been to create sustainable livelihoods for artisans around the world by leveraging the internet to introduce their goods to the U.S. market. O.co prices the Worldstock Fair Trade goods on its website as inexpensively as possible to drive demand and create jobs for as many people as possible. Worldstock Fair Trade distinguishes itself from competitors by returning 60 to 70 percent of the sales price to its suppliers. We have established contacts in over 60 countries creating employment opportunities for approximately 10,000 artisans around the world. In August 2011, Worldstock passed the $70 million mark in payments made to artisans and the groups that represent them.

Under Patrick’s leadership Overstock.com has received the following awards:

The top place to work in retail in the nation and one of the top ten places to work in business in general as ranked by glassdoor.com and Forbes, ranked in the top five for the last five years in customer service as ranked by the National Retail Federation and American Express, and sales department of the year.

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Provide a brief (up to 100 words) biography about the nominee:

Patrick Byrne is chairman and CEO of O.co, a Utah-based internet retailer. Under Patrick’s leadership the company’s annual revenue has grown from $1.8 million in 1999 to over a billion in 2010. He 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. After surviving cancer, he cycled across the country four times. His last ride helped raise awareness and record-breaking funds for cancer research at the Dana Farber Cancer.