Online retail giant Overstock.com, Inc. has announced the appointment of the company’s General Counsel and Senior Vice President Mitch Edwards as the acting CEO, effective immediately.  The announcement follows the recent news about founder Dr. Patrick M. Byrne taking an indefinite medical leave of absence.

“The board of directors is confident that Mitch is the right choice to continue the growth of the company,” said Overstock.com Chairman of the Board Jonathan Johnson. “His past experience and ability to lead the existing management team makes him ideally suited for the role of acting CEO.”

Byrne had recommended that the board of directors appoint Edwards as his successor, citing his experience as “an outstanding full-spectrum entrepreneur,” along with his understanding of both Overstock.com’s core businesses and blockchain-based crypto initiatives.

A veteran in the digital and high-tech corporate environment, Edwards was named senior vice president and general counsel of Overstock.com last August. Prior to Overstock.com, Edwards served as the CFO & general counsel of BitTorrent Inc., where he spearheaded international acquisitions, Razer Inc., where he oversaw global expansion, and Skullcandy Inc., where he lead the company’s IPO, key acquisitions, and international growth.

Overstock has been making efforts to launch a blockchain-powered securities exchange. In December, Overstock received approval from the Securities and Exchange Commission to issue public securities using the blockchain technology. Last month, the company announced its plan to complete the world’s first public offering using proprietary blockchain technology. The offering will allow its shareholders to purchase Overstock.com blockchain or traditional preferred stock. The blockchain preferred stock will trade and settle exclusively through the t0.com platform and its alternative trading system (ATS).

t0.com is Overstock’s financial technology subsidiary and the leader in developing and deploying blockchain-based financial products to increase efficiency and transparency in capital markets.

In addition, Overstock recently made a strategic investment in a Caribbean-based financial technology firm Bitt.com.