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
In other words, Keith Stewart was essentially shit-canned.
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.