ShopNBC Board Appoints John Buck as CEO and Keith Stewart as President, COO
August 22 2008 - 12:00PM
Marketwired
ShopNBC (NASDAQ: VVTV) today announced that, effective immediately,
its Board of Directors has appointed John D. Buck, age 58, to serve
as the Company's Chief Executive Officer. Mr. Buck is currently
Executive Chairman of the ShopNBC Board and served as Interim CEO
of ShopNBC from November 2007 to March 2008. Mr. Buck replaces Rene
Aiu, who is leaving ShopNBC and its Board of Directors. The Company
also announced that the Board appointed Keith R. Stewart, age 45, a
TV shopping veteran who recently served as a senior executive with
QVC, to serve as ShopNBC's President and Chief Operating Officer.
Both individuals will be members of the Board of Directors.
Mr. Stewart has over 20 years of executive retail experience
both domestically and internationally with nearly 15 years of
operational and leadership experience in home shopping at QVC. He
possesses a strong understanding of multi-channel retailing and has
a proven history of delivering growth and profitability spanning
markets in the United States and Germany.
John Buck, ShopNBC's Chief Executive, said, "Given the Company's
recent performance, the Board concluded that ShopNBC needs a
different kind of leadership and vision. Today's actions are in the
best interests of the Company, its shareholders, customers,
employees, and vendors.
"ShopNBC is fortunate to have a world-class TV shopping
executive like Keith join the Company. He can immediately take on
the responsibilities of President and COO to lead ShopNBC
operations and its team at this critical juncture. The Board is
confident in his ability to implement the Company's strategic and
operational plans and work closely and collaboratively with our
talented and dedicated employees to build our business. I look
forward to working side-by-side with Keith to move the Company
forward and re-build shareholder value."
"I am excited to become an integral part of ShopNBC and work
closely with John who knows this company, its employees and
customers well," said Mr. Stewart. "I look forward to leveraging my
experience in home shopping to help position ShopNBC and its unique
assets for improved future performance and success."
Mr. Stewart served the majority of his retail career at QVC,
where he most recently was General Manager of QVC's large and
profitable German business unit, Vice President - Merchandising
Home of QVC (USA), and Vice President - International Sourcing of
QVC (USA). During his tenure at QVC, he developed expertise in all
areas of TV shopping, including merchandising, programming, cable
distribution, strategic planning, organizational development, and
international sourcing. Mr. Stewart is also experienced in leading
a large employee base and vendor community with a focus to drive
sales, profits, and new customers. He began his career as
Merchandise Manager of Commtron Corp., responsible for wholesale
merchandising of entertainment and communication electronics
nationwide.
Mr. Buck has served on the ShopNBC Board of Directors since
2004, serving most recently as Executive Chairman of the Board. He
also served as our interim CEO from November 2007 to March 2008.
His previous experience includes serving as chief executive officer
of Medica, Minnesota's second largest health insurer, from February
2002 to May 2003. Previously, Mr. Buck worked for Fingerhut
Companies from 1996 to October 2000 where he held executive
positions of increasing responsibility, concluding with service as
president and chief operating officer. He currently serves as
non-executive chairman of the board of Medica and serves on the
board of directors of Patterson Companies, Inc. and Halo
Innovations. Previously, Mr. Buck held senior executive management
positions at Graco Inc., Honeywell Inc., and Alliant Techsystems
Inc.
Forward-Looking Information
This release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's current
expectations and are accordingly subject to uncertainty and changes
in circumstances. Actual results may vary materially from the
expectations contained herein due to various important factors,
including (but not limited to): consumer spending and debt levels;
interest rates; competitive pressures on sales, pricing and gross
profit margins; the level of cable distribution for the Company's
programming and the fees associated therewith; the success of the
Company's e-commerce and rebranding initiatives; the performance of
its equity investments; the success of its strategic alliances and
relationships; the ability of the Company to manage its operating
expenses successfully; risks associated with acquisitions; changes
in governmental or regulatory requirements; litigation or
governmental proceedings affecting the Company's operations; and
the ability of the Company to obtain and retain key executives and
employees. More detailed information about those factors is set
forth in the Company's filings with the Securities and Exchange
Commission, including the Company's annual report on Form 10-K,
quarterly reports on Form 10-Q, and current reports on Form 8-K.
The Company is under no obligation (and expressly disclaims any
such obligation to) update or alter its forward-looking statements
whether as a result of new information, future events or
otherwise.
About ShopNBC
ShopNBC is a direct-to-consumer, multi-media shopping
destination for little luxuries and fashion must-haves. The
shopping network 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 (NASDAQ:
VVTV). For more information, please visit www.ShopNBC.com.
Contact Info: Frank Elsenbast CFO 952-943-6262
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