ShopNBC CFO Elsenbast Resigns To Join New Company, McGrath Named Interim CFO

ShopNBC senior vice president and chief financial officer Frank Elsenbast resigned Monday, and is leaving the network to accept a chief financial officer position at another public company, officials said Tuesday.

The executive search firm Spencer Stuart will begin looking immediately for a replacement for Elsenbast, who will remain with
ShopNBC for an interim period to ensure an orderly transition in responsibilities. ShopNBC’s press release didn’t disclose where Elsenbast was going.

ShopNBC's interim CFO Bill McGrath

ShopNBC has appointed Bill McGrath, 52, ShopNBC’s vice president of quality assurance and former vice president of finance and global sourcing of QVC, as interim CFO. McGrath will assume financial management functions until a new chief financial officer is named.

“I have enjoyed my time at ShopNBC,” Elsenbast said in a canned statement. “I have been fortunate to work with a wonderful group of people, and I wish everyone all the best for continued success.”

McGrath joined ShopNBC Jan. 7. Most recently, 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 of market research and sales analysis, and director financial planning and analysis.

Prior to QVC, 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. McGrath is also certified as a CPA and CMA.

According to an 8-K filed Tuesday by ShopNBC, McGrath old compensation terms of will remain in effect while he is serving as interim chief financial officer. He received a signing bonus of $20,000, and his current annualized base salary is $175,000. He also received stock options to purchase 45,000 shares of common stock at an exercise price of $4.97, equal to the closing fair market value per share as of the date of grant. The options vest in equal installments over three years and are exercisable for a period of 10 years from the date of grant.

“Frank has been a valued partner as CFO during his tenure and played an important role since joining the company in 2000,” ShopNBC CEO Keith Stewart said in a prepared statement. “I’d like to thank him for his dedicated service and many contributions to ShopNBC. We wish him well in his future endeavors.”

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