ShopNBC CFO Resigns to Pursue Business Opportunity
February 23 2010 - 3:15PM
Marketwired
ShopNBC (NASDAQ: VVTV), the premium lifestyle brand in electronic
retailing, today announced that Senior Vice President and Chief
Financial Officer Frank P. Elsenbast has resigned as of February
22, 2010, and is leaving the Company to accept a chief financial
officer position at another public company.
Global executive search firm Spencer Stuart will begin searching
immediately for Mr. Elsenbast's replacement, who will remain with
ShopNBC for an interim period to ensure an orderly transition in
responsibilities. The Company has appointed industry veteran and
multichannel retailing finance and operations executive of 20 years
Bill McGrath, 52, ShopNBC's Vice President of Quality Assurance and
former Vice President of Finance and Global Sourcing of QVC, as
interim CFO. Mr. McGrath will assume financial management functions
until a new chief financial officer is named.
"Frank has been a valued partner as CFO during his tenure and
played an important role since joining the company in 2000," said
Keith Stewart, ShopNBC's CEO. "I'd like to thank him for his
dedicated service and many contributions to ShopNBC. We wish him
well in his future endeavors."
Frank Elsenbast said: "I have enjoyed my time at ShopNBC. I have
been fortunate to work with a wonderful group of people, and I wish
everyone all the best for continued success."
With nearly two decades of experience in the multichannel
retailing industry, Mr. McGrath is an accomplished financial and
operations executive with global leadership experience and
financial acumen. Most recently, Mr. McGrath served as Vice
President of Global Sourcing Operations and Finance at QVC. During
his tenure at QVC, he also served as Vice President Corporate
Quality Assurance and Quality Control, Vice President Merchandise
Operations and Inventory Control, Vice President Market Research
and Sales Analysis, and Director Financial Planning and
Analysis.
Prior to QVC, Mr. McGrath served at Subaru of America as
Assistant Corporate Controller and Arthur Andersen as Senior
Auditor. He earned an MBA in Finance from Drexel University and a
BS in Accounting from St. Joseph's University. Mr. McGrath is also
certified as a CPA and CMA.
About ShopNBC
ShopNBC is a multichannel electronic retailer operating with a
premium lifestyle brand. Over 1 million customers benefit from
ShopNBC as an authority and destination in the categories of home,
electronics, beauty, fashion, jewelry and watches. As part of the
company's "ShopNBC Anywhere" initiative, customers can interact and
shop via cable and satellite TV in 75 million homes (DISH Network
channels 134 and 228; and DIRECTV channel 316); mobile devices
including iPhone, BlackBerry and Droid; online at www.ShopNBC.com;
live streaming at www.ShopNBC.TV; and social networking sites
Facebook, Twitter, and YouTube. ShopNBC is owned and operated by
ValueVision Media (NASDAQ: VVTV).
Contact: Media Relations Anthony Giombetti 612-308-1190
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