ShopNBC Selects New Board Members: NBCU's Bonnie Hammer and GE Commercial Finance's Patrick O. Kocsi
April 28 2008 - 3:01PM
Marketwired
MINNEAPOLIS, MN , a 24-hour TV shopping network, today announced
the nomination of NBC Universal executive Bonnie Hammer, President,
Cable Entertainment and Cable Studios, and GE Commercial Finance
executive Patrick O. Kocsi, a Managing Director, to its Board of
Directors. The representatives of GE and NBCU are expected to be
formally appointed as Directors upon the election results at the
annual shareholder meeting in June.
The Board also indicated that Directors Ronald Herman and James
Barnett will not stand for re-election as Directors at the June 11,
2008 annual meeting of the shareholders. Nominee Mr. Kocsi will
replace Mr. Herman, who is also with GE Commercial Finance; nominee
Ms. Hammer will fill a vacant Director position. ShopNBC has
engaged executive search firm Spencer Stuart to assist the Board in
conducting a search for a new Director to replace Mr. Barnett.
"As a symbol of renewed commitment from our strategic partners
in GE and NBCU, we are delighted to have Bonnie and Patrick joining
the Board," said Chairman John Buck. "Bonnie has impeccable
credentials and a proven track record of driving success in cable
TV. We look forward to her insights and working more closely with
her to help drive success at our network. Patrick possesses a
strong background in evaluating media, communications, and
entertainment investment opportunities. His expertise in exploring
external growth areas for ShopNBC will be a tremendous asset.
Together, their combined experience will add great value to our
company, and they are each committed to our shareholder mission of
delivering long-term growth and sustained profitability."
Added Buck, "On behalf of the Board, I'd like to thank Ron and
Jim for their commitment and contributions to ShopNBC during their
time as Directors since 2004."
Ms. Bonnie Hammer was named President, Cable Entertainment and
Cable Studios for NBC Universal in March 2008. In this role, Ms.
Hammer added executive responsibility for NBCU Cable Studios and
NBC Universal's Emerging Networks to her existing duties as
President, USA Network and SCI FI Channel. Her responsibilities
include oversight of original scripted content for NBCU's cable
group and external cable channels, as well as leadership of the
Emerging Networks group, which includes Chiller, Sleuth and
Universal HD. Under Hammer's leadership, USA Network has achieved
the #1 position in all of basic cable with a stable of top-rated,
Emmy and Golden Globe-award winning original series and movies,
sports and entertainment events, off-net television programs and
blockbuster theatrical films. During her tenure as president, SCI
FI has become a global brand, extending its reach to several
markets worldwide and becoming a Top 10 network in the U.S. in
ratings and an industry leader in original programming.
Joining the company in 1989, Ms. Hammer's previous titles
include executive vice president, general manager of SCI FI Channel
and senior vice president of SCI FI Programming & USA Original
Productions. Prior to joining Universal Television, Ms. Hammer was
an original programming executive at Lifetime Television Network,
where she executive produced several award-winning documentaries
for the network's acclaimed Signature Series. Ms. Hammer holds a
bachelor's degree in Communications and a master's degree in Media
and New Technology from Boston University.
Ms. Hammer remarked: "With extensive distribution and strong
on-air content, ShopNBC is perfectly positioned to grow its
position in the world of TV retail entertainment. I look forward to
working with John, the Board, and the rest of ShopNBC's leadership
team to maximize the brand's potential and take it to new
heights."
Mr. Patrick O. Kocsi is a Managing Director at GE Commercial
Finance. Kocsi is responsible for finding private equity investment
opportunities for GE Commercial Finance, evaluating, managing, and
ultimately exiting these deals profitably. He joined GE in 1991 in
the Financial Management Program in GE Plastics, working in
Amsterdam, Bergen op Zoom, Paris, and in the U.S. In 1996, Kocsi
joined GE Capital in business development, working on acquisitions
in the US, Brazil, and Germany. In 1997, he moved to what is now
known as GE Commercial Finance and began investing in industrial,
media, transportation, as well as technology companies. Currently
Kocsi oversees investments in media, communication &
entertainment companies as well as security and sensing related
technologies. He holds a bachelors degree in Finance from Boston
University and a masters degree in International Relations from
Tufts University. He is a board member or observer at SecureWorks,
Summit Entertainment, Sierra Atlantic, Visionael, and Visionair,
which are private companies in the GE Commercial Finance - Equity
portfolio.
Mr. Kocsi stated, "ShopNBC has a unique set of assets and
capabilities as an integrated, multi-platform TV shopping company.
The senior leadership team is very capable and comprised of home
shopping veterans. It's an exciting time in their history, and I
look forward to being part of their bright future."
The ShopNBC Board of Directors is comprised of six Directors
elected by the common stockholders and three directors elected by
GE Commercial Finance and NBC Universal under the terms of the
shareholders agreement among the Company, GE Commercial Finance,
and NBC Universal.
About ShopNBC
ShopNBC reaches 70 million homes in the United States via cable
affiliates and satellite: DISH Network channel 228 and DIRECTV
channel 316. ShopNBC.com is recognized as a top e-commerce site.
ShopNBC is owned and operated by ValueVision Media, Inc. (NASDAQ:
VVTV). For more information, please visit www.ShopNBC.com.
Contacts: Frank Elsenbast Chief Financial Officer 952-943-6516
Anthony Giombetti Investor Relations 763-496-1915
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