ShopNBC Board Appoints Randy Ronning as Chairman
June 25 2009 - 3:05PM
Marketwired
ShopNBC (NASDAQ: VVTV), the premium lifestyle brand in electronic
retailing, today announced at its annual shareholders meeting that
the company's Board of Directors unanimously elected Randy Ronning
as Chairman of the Board, effective immediately, succeeding John
Buck, who is voluntarily stepping down as Chairman, but will remain
on the Board.
Mr. Ronning, a retail and TV shopping veteran with over 36 years
of leadership experience, is currently serving on ShopNBC's Board.
"I am honored to be named Chairman and am deeply gratified of the
Board's support," said Mr. Ronning. "I will work closely with the
Board and senior management to continue executing the turnaround of
ShopNBC, as we position ourselves to be the authority and
destination for home, fashion, beauty and jewelry shoppers."
Mr. Keith Stewart, ShopNBC's President and CEO, and member of
the Board, stated: "Randy's unanimous election as chairman reflects
the Board's confidence in his ability and the future of our
company. With his instrumental guidance, we have the right
combination of industry expertise, leadership structure and
experience to advance our strategies during this period of
transition at our multi-channel electronic retailing business."
Added Mr. Stewart, "On behalf of the Board of Directors, I would
like to thank John Buck for his extraordinary commitment to ShopNBC
during these past few years of great change at the company."
Mr. John Buck said: "The timing is right for me to step down as
chairman. Keith Stewart has demonstrated strong leadership and
outlined a compelling vision for the company. As an organization,
ShopNBC is running more efficiently than ever while continuing to
tightly control its operating expenses. The management team across
all areas of the company is second-to-none and represents the new
wave in our industry. The company is nearing completion of its
cable and satellite renegotiations and, while doing so, has
maintained its national footprint of 73 million homes while
significantly lowering its distribution fees. ShopNBC's
seven-member Board has been reconstituted over the past 12 months
with five new directors, who will be chaired by an extremely
well-versed multi-channel retailing veteran in Randy Ronning.
Finally, the company's financial obligation to GE has been
restructured, giving ShopNBC time and flexibility to complete its
turnaround. I am grateful to have served as Chairman of such a
dynamic company, and I look forward to its bright future."
In addition to Mr. Ronning's newly elected position as Chairman,
all of the incumbent directors were re-elected at the company's
annual shareholders meeting, including Keith Stewart, President
& CEO of ShopNBC; John Buck, non-executive Chairman of Medica;
Joseph Berardino, Managing Director, Alvarez & Marsal;
Catherine Dunleavy, Executive Vice President and Chief Financial
Officer, NBC Universal Cable; Patrick Kocsi, Managing Director, GE
Commercial Finance; and Robert Korkowski, retired, former SVP of
Finance and Director, Opus Corporation.
Randy Ronning Background
Mr. Ronning joined ShopNBC's Board of Directors having served
most recently as executive vice president and chief merchandising
officer of QVC, where he oversaw all merchandising, brand
management, merchandise analysis efforts of QVC and QVC.com, from
2005 to 2007. He was also responsible for QVC.com operations from
2001 to 2007. Previously, Mr. Ronning was executive vice president
over affiliate sales and marketing, information services,
marketing, research and sales analysis, direct marketing, corporate
marketing, public relations, and charitable giving at QVC from 2001
to 2005.
Prior to QVC, Mr. Ronning spent 30 years with J.C. Penney Co.,
where he held executive positions including president of its
catalog, distribution and internet divisions. Before that, he held
other executive positions at Penney, including president of home
and leisure, president of international, associate director of
merchandise, and vice president and director of men's apparel,
accessories and footwear. Some of his past board of director and
affiliations include Dallas Symphony Association, Board of
Governors; University of Dallas, Advisory Board; Fashion Institute
of Technology, Board of Directors; Mail Order Association, Chairman
of the Board; Forrester Research, Board Member; Electronic
Retailing Association, Treasurer and Chairman of the Finance
Committee; Knot, Board Member; and Commerce Hub, Chairman of the
Board. His current board affiliations are Philadelphia Orchestra,
Board Member; The Franklin Institute, Member of the Board
Benefactors; and Sure Source, Board Member.
About ShopNBC
ShopNBC is a multi-channel electronic retailer operating with a
premium lifestyle brand. The shopping network reaches 73 million
homes in the United States via cable affiliates and satellite: DISH
Network channels 134 and 228; DIRECTV channel 316.
http://www.ShopNBC.com is recognized as a top e-commerce site.
ShopNBC is owned and operated by ValueVision Media (NASDAQ:
VVTV).
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.
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Contacts: Frank Elsenbast Chief Financial Officer 952-943-6262
Anthony Giombetti Media Relations 612-308-1190
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