Overstock.com names Edwards acting CEO

Overstock.com announced Tuesday Mitch Edwards will take over as acting CEO, after the online retailer's founder revealed he would take an indefinite medical leave of absence.

Edwards, who served as the company's senior vice president and general counsel, will assume the CEO role effective immediately. Company founder Patrick Byrne recommended Edwards for the top position when announcing his leave on Monday.

"The board of directors is confident that Mitch is the right choice to continue the growth of the company," said Overstock.com chairman Jonathan Johnson in a statement Tuesday. "His past experience and ability to lead the existing management team makes him ideally suited for the role of acting CEO."

Prior to working with Overstock.com, Edwards served as chief financial officer for BitTorrent, gaming hardware company Razer and audio hardware maker Skullcandy.

On Monday, Byrne announced he would take medical leave after being diagnosed with Stage IV Hepatitis C. Overstock.com says it's unclear whether Byrne will return.

"Mitch is an outstanding full-spectrum entrepreneur who has serving as our general counsel for six months and has learned our business, and understands our efforts to revolutionize the capital markets," said Byrne.

Follow Brett Molina on Twitter: @brettmolina23.