Mark Bozek and his new management team at Shop HQ got a congratulatory slap on the back from one of the No. 3 home shopping network’s shareholders.
It came in a filing by Cannell Capital LLC with the Securities and Exchange Commission Tuesday.
In a letter to Bozek, J. Carlo Cannell, Managing Member of Cannell Capital, said he wanted to deactivate its investment position from active to passive.
“CC (Cannell Capital) no longer seeks to affect positive change in the
control of ValueVision Media Inc.(the corporate name for ShopHQ),” Cannell wrote. “We are content and confident that you have this sacred duty in hand. His word.”
“Since arriving about four months ago you have pruned the executive suite, driving away those to whom the very notion of a five-day work was apparently abhorrent,” Cannell told Bozek.
We have a sneaking suspicion that Cannell is referring to Keith Stewart, who Bozek essentially replaced.
“You have let in air, light and a general feeling of relevance to
all employees,” the letter said. “You have given customers a taste of what should, and can, happen with the success of the Mark Cuban American Dream show (the debut of which set a ShopHQ viewership record). Perhaps most importantly, you have reactivated relationships with merchants.”
“Good start. Good luck. Godspeed,” the letter said in conclusion.