So ShopHQ’s dissident shareholders have succeeded in their quest, and dethroned CEO Keith Stewart. The new sheriff in town is Mark Bozek, a former HSN chief. Now what?
In their many regulatory filings and letters to shareholders, The Clinton Group made it clear it was unhappy with ShopHQ’s product mix. We don’t think you’ll be seeing hours and hours — and days — of Invicta watches in the near future.
The Clinton Group told other shareholders that it didn’t make sense to sell merchandize that consumers can readily purchase in a brick-and-mortar store.
Next, the president of ShopHQ under Stewart, Bob Ayd, should probably be sending his resume out, unless he has a prior relationship with Bozek that we don’t know about.
The dissidents also criticized the No. 3 home shopping network’s location in remote, and freezing, Minneapolis. The network will likely open up, at the very least, an office in Manhattan.
If we were a ShopHQ vendor, we’d be worried right now. We don’t have the sales figures to know how Chuck Clemency or Paul Deasy’s jewelry sells, but the new ShopHQ leadership will give it a close look, we’re sure.
The Clinton talked about creating proprietary brands, but we assume they will want to launch their own. We don’t know how loyal they will be to the old ones.
And as for the network’s hosts, we suspect Bozek will give them a close look to decide if they should stay or not.
Here’s the 411 on 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.