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THE WORST BUSINESS CEOS IN AMERICA
Mired in financial and legal trouble, Talos Partners CEO, Robert V. Brazell tops our list
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ROB BRAZELL ALLEGEDLY MISREPRESENTS ROLE AND INVOLVEMENT IN OVERSTOCK.COM'S SUCCESS
Recently, representatives from Overstock.com reached out to WorstCeos to attempt to clarify a mis-statement on this site—specifically Robert V. Brazell's statements that he was the CEO of Overstock.com—which they claim is not true.
Patrick Byrne, the current CEO of Overstock.com, explains that after the acquisition of Discounts Direct (deals.com), that Rob Brazell was CEO (of deals.com) until September of 1999, when Byrne stepped in as CEO after Brazell "failed to make enough progress", and renamed the company "Overstock." He claims that Rob Brazell was fired, (although it appears in documentation that he resigned).* See Wiki here.
Overstock.com was born on October 1, 1999. He further clarifies that it is inaccurate to say that Rob Brazell was ever the CEO of Overstock.com, but that he was the CEO of a failed company that was bought out of receivership that eventually became Overstock.com.
Overstock went public in May 2002, three years after Brazell was removed or resigned.
Rob Brazell's self-created bio on the Talos Partners website, makes the statement that he was the Founder, Founding Board Member, President and CEO of Overstock.com. If these statements are indeed untrue (as Mr. Byrne claims they are), then Rob Brazell has been making false claims and leading investors astray for years. (Many may have invested in his companies because they were told (or believed) that he was behind Overstock.com's success—which now appears to have been misrepresented.)
We expect more details and a formal statement from Patrick Byrne to come.
June 4 Update
Patrick Byrne, CEO of Overstock.com provides Declaration about the truth of Rob Brazell's involvement with the company and more.
For almost 15 years, Robert Brazell has been inducing monies into his ventures using his self proclaimed platform that he was the founder and founding board member of Overstock.com and also served as the company's president and chief executive officer. Patrick Byrne states differently. Read the Declaration here.
*The disclosure form states "On October 1, 1999, we entered into a Separation Agreement and Release with Mr. Robert Brazell, our former President and Chief Executive Officer (does not state of which company). Upon his resignation, we paid Mr. Brazell a severance amount of $100,000 and hired him as a consultant for approximately 18 months. We paid Mr. Brazell $270,500 for these consulting services. Also in connection with his resignation, we granted Mr. Brazell a right to purchase a total of 28,600 shares of common stock for a purchase price of $183,238 (which Mr. Brazell has exercised)."
Forbes says a CEO should above all protect investor share value
Robert V. Brazell tops our list of small business CEOs that fails time and again to provide returns, while living high off investor's money. Now mired in legal and financial trouble, the truth about Rob Brazell is finally reaching the market where potential investors can make better and more informed decisions before putting their money at risk.
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