ValueVision Media Reconstitutes Board of Directors to Include Five
New Members; Mark Bozek, Former HSN Chief, Named Chief Executive
Officer; Bob Rosenblatt Named Chairman of the Board
MINNEAPOLIS, MN--(Marketwired - Jun 23, 2014) - ValueVision
Media, Inc. (NASDAQ: VVTV), a multichannel electronic retailer
operating as ShopHQ via TV, Internet and mobile, today announced it
has reconstituted its Board of Directors and has unanimously
appointed Mark Bozek Chief Executive Officer and Bob Rosenblatt
Non-Executive Chairman of the Board, effective immediately. Mr.
Bozek succeeds Keith Stewart, who has resigned as Chief Executive
Officer and as a director of the Company. Mr. Bozek has more than
20 years of senior executive experience in the multi-channel
commerce, electronic retailing and entertainment industries,
including having served as CEO of HSN, Inc., Senior Vice President
of QVC, Inc., and as a producer at Fox Television.
ValueVision also announced that IVS Associates, Inc., the
independent inspector of elections, has certified the voting
results at the Company's Annual Meeting, held on June 18, 2014.
Four ValueVision nominees and four nominees of the Clinton Group,
Inc. were elected to the ValueVision Board of Directors. The Board
has appointed former President of Saks Fifth Avenue, also a fifth
Clinton Group nominee, Ronald Frasch, as a director following Mr.
Stewart's resignation. Accordingly, the Board will consist of:
Thomas Beers, Mark Bozek, John Buck, Ronald Frasch, Landel Hobbs,
Lowell Robinson, Bob Rosenblatt and Fred Siegel. The newly
reconstituted Board will focus on further strengthening the
Company's financial and operating performance and delivering
meaningful returns for all ValueVision shareholders.
John Buck said, "We are pleased to welcome Mark Bozek, a pioneer
and innovator in the retail and electronic retailing industries, as
our new CEO. Mark has a proven track record of building consumer
brands and driving revenue at both HSN and QVC, and we expect to
leverage his expertise as ValueVision embarks on its very exciting
next stage. As the Board's longest tenured director, I welcome the
energy and fresh perspectives of Mark and our other new directors,
and look forward to working closely with them to transform the
ShopHQ brand into the preeminent commerce and media franchise we
know it can become."
Mark Bozek said, "I am thrilled to join the team at ShopHQ and
humbled by the opportunity to work with a talented Board and
dedicated employees. ValueVision has great assets and our vision of
all that comes next is ambitious; we plan to evolve the business,
creating more robust platforms that enable us to become a far more
relevant player in the multi-channel worlds of TV, online and
mobile commerce and entertainment.
"By instilling a culture of accountability, respect and passion
for the unique world of a 'dollars per minute' business, we believe
ShopHQ has boundless potential. We will work tirelessly in the
coming months to develop a comprehensive strategic plan for growth
-- one that includes employees, our loyal customers, as well as our
valued product and brand creators -- enabling ValueVision to create
long-term shareholder value."
Mr. Buck concluded, "On behalf of the Board, I would like to
thank Keith Stewart, along with the other outgoing directors --
Jill Botway, William Evans, Sean Orr and Randy Ronning -- for their
many contributions to ValueVision. We wish them all good things in
their future endeavors."
ValueVision shareholders also approved all proposals submitted
for a vote at the Annual Meeting, including the approval of
Deloitte & Touche LLP as the Company's independent registered
public accounting firm for the fiscal year ending January 31, 2015.
The results of the Annual Meeting have been filed with the
Securities and Exchange Commission.
Board of Directors Biographies
Thomas Beers - Since September 2012, Mr. Beers has been CEO of
Fremantle Media N.A., Inc., where he is responsible for Fremantle's
management and business performance as well as the development,
production and operations of more than 600 hours of programming per
year including "American Idol," "America's Got Talent," "The X
Factor," "Let's Make a Deal," "Family Feud," and "The Price is
Right." Prior to joining Fremantle, Mr. Beers was the founder and
Chief Executive Officer of Original Productions, where he was the
creator and driving force behind the Primetime Emmy® winning
"Deadliest Catch," and Emmy nominee "Ice Road Truckers," and
top-rated shows "Storage Wars," "Monster Garage" and "Black Gold."
His catalogue of more than 40 series is firmly entrenched across
cable powerhouses Discovery, HISTORY, A&E, Spike TV, The
National Geographic Channel, and truTV.
Mark Bozek - Mr. Bozek is the former CEO of Home Shopping
Network (HSN). Mr. Bozek generated over $6 billion in sales and $1
billion in profits while managing 6,000 employees at HSN. Mr. Bozek
transformed HSN's merchandising through innovation and strategic
leadership. Mr. Bozek built multiple $100+ million proprietary
brands while running the company, including Ingenious Designs. He
also was responsible for the development and growth of HSN's
current top selling brands including Andrew Lessman, Diane Gilman,
Wolfgang Puck and Serious Skin Care. In 1998, Bozek launched
HSN.com. He grew this online business to over $100 million in 18
months. Mr. Bozek was also responsible for the international
launches of HSN in Japan, Europe and China. Mr. Bozek's
merchandising and media success began as a producer at Fox
Television and then as a Senior Vice President at QVC. Mr. Bozek
was at Fox Television at its inception in 1998, where he was a
three-time Emmy nominee. Bozek has previously served as a director
of Sykes Enterprises.
John Buck - Mr. Buck currently serves as non-executive chairman
of the board of Medica, Minnesota's second largest health insurer,
and previously served as chief executive officer of Medica from
2001 until his retirement in 2003. From October 2007 to March 2008,
and again from August 2008 through January 2009, he served as
interim chief executive officer of ValueVision. Previously, Mr.
Buck worked for Fingerhut Companies where he held senior executive
positions, including president and chief operating officer. Mr.
Buck also previously held executive positions at Graco Inc.,
Honeywell Inc., and Alliant Techsystems Inc. Mr. Buck currently
serves on the board of directors of Patterson Companies, Inc.
Ronald Frasch - Mr. Frasch is currently an operating partner at
Castanea Partners, a consumer-focused private-equity firm, and the
principal of Ron Frasch Associates, LLC, a consulting firm. From
2007 to 2013, Mr. Frasch served as President and Chief
Merchandising Officer of Saks Fifth Avenue, a division of Saks,
Incorporated, a NYSE-listed luxury fashion retailer. From 2004 to
2007, he was Vice Chairperson and Chief Merchant of Saks Fifth
Avenue. He has served as a member of the board of directors of
Crocs, Inc., an apparel footwear and accessories company, since
2006. From 2000 to 2004, he was President and Chief Executive
Officer of Bergdorf Goodman and was previously President of GFT
North America from 1996 to 2000 and President and Chief Executive
Officer of Escada USA from 1994 to 1996.
Landel Hobbs - Mr. Hobbs is Chief Executive Officer of LCH
Enterprises LLC, a consulting firm that operates in the broader
telecommunications and media space. Mr. Hobbs had been Chief
Operating Officer of Time Warner Cable from 2005 until 2010 and was
previously Chief Financial Officer from 2001 until 2005. He was
Vice President of Financial Analysis and Operations Support at AOL
Time Warner from 2000 to 2001. Mr. Hobbs served in various
positions, including Senior Vice President, Controller and Chief
Accounting Officer, of Turner Broadcasting System, Inc. from 1993
until 2000. Before joining Turner in 1993, he was Senior Vice
President and Audit Director of Banc One Illinois Corporation and
Senior Manager with KPMG Peat Marwick. He is Lead Director of
Allconnect and a current Trustee of the National 4H Council and The
Dyslexia Resource Trust. He was previously Chair and a Director of
CSPAN, a Trustee of Women in Cable Television (WICT), and a
Broadcasting and Cable Hall of Fame Member.
Lowell W. Robinson - Former Chief Financial Officer and Chief
Operating Officer of MIVA, Inc. Lowell W. Robinson served as the
Chief Financial Officer and Chief Operating Officer of MIVA, Inc.,
an online advertising network, from August 2007 through March 2009.
He joined MIVA in 2006 as Chief Financial Officer and Chief
Administrative Officer. He had previously served as the President
of LWR Advisors from 2002 to 2006 and as the Chief Financial
Officer and Chief Administrative Officer at HotJobs.com from 2000
to 2002. He previously held senior financial positions at Advo,
Inc., Citigroup Inc. and Kraft Foods, Inc. Mr. Robinson recently
served as a director of The Jones Group from 2005-2014 and has
served on the Board of Directors of Local.com Corporation from 2011
to 2012, the Board of Advisors for the University of Wisconsin
School of Business from 2006 to 2010, the Board of Directors of
International Wire Group, Inc., from 2003 to 2009, and the Board of
Directors of Independent Wireless One, Diversified Investment
Advisors and Edison Schools Inc. He currently serves as a director
at Higher One and is a member of the Smithsonian Libraries Advisory
Board and the Board of the Metropolitan Opera Guild.
Bob Rosenblatt - Bob has more than 25 years of experience
leading mid and large sized retail organizations, including Tommy
Hilfiger, HSN (formerly the Home Shopping Network), and
Bloomingdale's. Last year he was Interim President of Ideeli.com, a
flash sales company based in NY that was sold a few of months ago
to Groupon. As Group President and COO of Tommy Hilfiger
Corporation, he grew revenues and profitability and built the
company's first transactional web site. Bob co-managed the process
which culminated in the Tommy Hilfiger Company successfully being
sold to Apax Partners in 2006. Bob also previously served as CFO,
COO and President of HSN, where he significantly increased company
value. Bob introduced and built HSN's online operation, which
achieved profitability within three months of inception. As CFO of
Bloomingdale's, Bob was responsible for the P&L of the
corporation, financial planning, and administrative management.
For the past seven years, Bob has been CEO of Rosenblatt
Consulting, LLC, which specializes in helping investment firms
determine value in both public and private companies in the
consumer products sector, as well as helping retail firms maximize
profitability. He has been and is currently serving on several
public and private boards in the retail and technology industry
including PepBoys (NYSE: PBY), debShops, RetailNext and
I.Predictus. Bob served on the Board of Directors of the Electronic
Retailing Association.
Fred Siegel - Mr. Siegel was Senior Vice President and marketing
head for QVC from 1993 to 1998, overseeing all off-air consumer
touch-points including all marketing and communications, leading
special on-air events, and attracting and securing marquee
brand-name vendors, helping QVC become the category-defining brand.
After QVC, Mr. Siegel was marketing lead for Excite and Excite @
Home where he oversaw all marketing and communications activities.
He is responsible for many Internet firsts including strategic
partnerships with television networks, the first large-scale voting
event on the web (with the Prime Time Emmys) and the first Online
Town Hall meeting with President Clinton. He currently advises
various companies from Google Ventures-backed Sidecar to the
twenty-something organization, Our Time. Mr. Siegel won a Daytime
Emmy Award in 2011 and has won a Clio.
About ValueVision Media/ShopHQ (www.shophq.com/ir)
ValueVision Media, Inc. operates as ShopHQ, a multichannel
retailer that enables customers to shop and interact via TV, phone,
Internet and mobile in the merchandise categories of Home &
Consumer Electronics, Beauty, Health & Fitness, Fashion &
Accessories, and Jewelry & Watches. The ShopHQ television
network reaches over 87 million cable and satellite homes and is
also available nationwide via live streaming at www.shophq.com.
Please visit www.shophq.com/ir for more investor information.
Forward-Looking Information
This release may contain certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Any statements contained herein that are not statements of
historical fact may be deemed forward-looking statements. These
statements are based on management's current expectations and
accordingly are 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 preferences, spending and
debt levels; the general economic and credit environment; interest
rates; seasonal variations in consumer purchasing activities; the
ability to achieve the most effective product category mixes to
maximize sales and margin objectives; competitive pressures on
sales; pricing and gross sales margins; the level of cable and
satellite distribution for our programming and the associated fees;
our ability to establish and maintain acceptable commercial terms
with third-party vendors and other third parties with whom we have
contractual relationships, and to successfully manage key vendor
relationships; our ability to manage our operating expenses
successfully and our working capital levels; our ability to remain
compliant with our long-term credit facility covenants; our ability
to successfully transition our brand name; the market demand for
television station sales; our management and information systems
infrastructure; challenges to our data and information security;
changes in governmental or regulatory requirements; litigation or
governmental proceedings affecting our operations; significant
public events that are difficult to predict, or other significant
television-covering events causing an interruption of television
coverage or that directly compete with the viewership of our
programming; and our ability 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.
You are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date of this announcement.
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.
CONTACTS: Sard Verbinnen & Co Jonathan Gasthalter/Renee
Soto/Jared Levy (212) 687-8080
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