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Overstock.com Inc. co-founder Jason Lindsey resigned as president, chief operating officer and director of the Internet-based retailer.
Lindsey, whose term ended Dec. 31, said he was ''ready to take a less-active role in order to spend time on outside ventures,'' according to a company statement Wednesday. He will continue managing special projects for the Salt Lake City- based company part time.
Overstock doesn't plan to replace Lindsey, who served as the company's chief financial officer from 1999 to 2003, Chief Executive Officer Patrick Byrne said Wednesday. Byrne will assume Lindsey's responsibilities.
''There have been times when we've done 50/50 job sharing, and now it's 80/20,'' Byrne said in a telephone interview. ''He's going to take it easy again.''
Lindsey has been Overstock's president and operating officer since April 2006, the company said. He has served on the board of directors since October 2005.
Byrne credited Lindsey for helping bring the company back to ''a solid trailing 12-month cash-flow-positive position. Jason co-founded the company and helped build it before retiring the first time,'' Byrne said. ''When I screwed it up a couple years ago, he came out of retirement and has played a decisive role getting it back on track.''
Overstock, which sells excess brand-name merchandise, said in October it would be profitable in the fourth quarter and in 2008. A month later, the company reported free cash flow for the 12 months ended Sept. 30, 2007, of $1.04 million, compared with a $47.3 million loss for the year-earlier period.