Blockchain News

Overstock CFO to Join Blockchain-Tech Joint Venture

OSTK 2.04%

finance chief

Robert Hughes

is leaving his post to serve in the same role at a blockchain-technology joint venture that involves Overstock’s chief executive.

Mr. Hughes is joining DeSoto Inc., which Overstock said involves Overstock CEO

Patrick Byrne,

Medici Ventures Inc., and Peruvian economist

Hernando de Soto.

DeSoto is working to develop a global property-registry system using a blockchain-based system to surface the property rights of people in the developing world.

Overstock said Friday that

Gregory J. Iverson,

who previously served as CFO for Apollo Education Group Inc., will become its new finance chief. Mr. Iverson, 42 years old, will join the company April 16. Mr. Iverson worked at Apollo from April 2007 to March of this year, and became CFO there in October 2015.

Mr. Iverson’s annual salary will be $400,000, and he will receive a stock award and be eligible for compensation and benefits available to senior officers, the company said.

The CFO change at Overstock comes after the online retailer earlier this week canceled a secondary offering of four million shares, citing “market volatility.” President

Saum Noursalehi

said in a statement on Monday the company will “continue to pursue other strategic options.”

Overstock shares rose 0.6% in morning trading.

Write to Bowdeya Tweh at

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