ShopHQ Execs Bozek, Nuce’s Outrageous Comp Packages

There’s a lot going on at ShopHQ, we mean Evine Live, according to filings with the Securities and Exchange Commission. And boy, are ShopHQ execs Mark Bozek and Russell Nuce making out like bandits.

You’d never know the home shopping network was struggling based on their executive comp — $1.13 million for Bozek and $567,000 for Nuce. And that doesn’t include their monthly allowances and moving expenses, etc.

First of all, veteran reality TV producer, and hit maker, Thom Beers is no longer on the No. 3 home shopping network’s board. This comes in the wake of Nuce being named Chief Strategy Officer at the company.

No wonder Russell Nuce and Mark Bozek are smiling

No wonder Russell Nuce and Mark Bozek are smiling

“As a result of the consummation of the transaction, the Company’s board of directors has determined that Mr. Beers will no longer serve as an independent director as that term is defined in Rule 5605(a)(2) of the NASDAQ Stock Market and at this time, will no longer be a member of the Company’s corporate governance and nominating committee,” the SEC filing said.

What is Nuce getting for coming on-board?

An initial base salary of $375,000 annually, a signing bonus of $75,000 and a one-time first-year bonus of $116,667, payable upon completion of the fiscal year ending Jan. 31 next year. Wow, sweet! We’re no math experts, but we think that adds up to about $567,000.

And how about this?

To help with Nuce’s relocation to the company’s headquarters in Eden Prairie, Minn., he will receive a living expense allowance of $4,000 a month for up to six months, plus a $10,000 family travel allowance for up to 12 months.

Bozek this week also entered into a generous executive employment and severance agreement, which provides for an initial base salary of $625,000 a year, a signing bonus of $125,000 and a one-time first-year bonus of $381,849, payable upon completion of the fiscal year ending Jan. 31.

To assist with Bozek’s relocation to the company’s headquarters, his employment agreement provides for a living expense allowance of $2,500 a week for up to six months, plus an additional amount to make Bozek whole for taxes on the living expense allowance.

His employment agreement also provides that he be reimbursed for up to $20,000 in reasonable and documented legal expenses and other costs associated with the negotiation of his employment arrangements, and for an award of performance restricted stock units under the Company’s 2011 Omnibus Incentive Plan with a fair value of about $1 million.

And how about this as a golden parachute?

If Bozek is canned without cause (other than as a result of death or disability) or he exits “with good reason,” he will receive severance benefits consisting of a cash severance payment equal to one and one-half times the sum of his base salary and his average annual bonus over the prior three fiscal years (or such fewer number of prior years for which he has been employed by the company).

The multiple will be increased to two times Bozek’s base salary and average annual bonus following a change in control.

Read it all for yourself here:

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6 Responses to “ShopHQ Execs Bozek, Nuce’s Outrageous Comp Packages”

  1. Brenda Says:

    And they were all bitching about the previous management? These guys are going to take ShopHQ down!

  2. carolyn simpson Says:

    they are like selfish vultures only looking out for themselves. makes me sick

  3. Abigail Says:

    Wow, outrageous for real, but, if I could get a company dumb enough to pay me like that I would take it too, so, I guess more power to them, but, I will not be buying anything from Irvine Live, the stuff is just so cheapish, but, there is a market for it, hence those salaries

  4. Anna M Smith Says:

    I’ve about had it with ShopHQ or whatever it’s calling itself right now. Overpriced. Abysmal customer service, today one of their male hosts as he deceived a comfort or set; had the nerve to say…..”and on top of this beautiful top quality bedroom set….we are giving you the privilege of a January 31st return deadline!” UGH!!!!!
    And now this! These men are making millions and I budget so very carefully so I can buy gifts for my family!!
    No way, no more. I am done. There are plenty of other places online and in catalog for this permanently disabled RN to shop. Keep your bonuses, your privileges, and your iffy clothing. I am finally done!

  5. Anna M Smith Says:

    Thanks auto correct for making my post incorrect. I should have proofread carefully.
    The male host did not deceive (at least not that I know of!) I meant it to say
    There are also a few capital letters where lower case was more appropriate. I just wanted to make that distinction.

  6. Fred Says:

    Happy Now Evine shareholders, Bozek is a shyster, a total politician who did who know what to get Barry Diller to like him and hire him at Fox Never a business man, a nobody at QVC,, a complete disaster and way over his head at HSN and unable to do anything on his own. So why would anyone wonder that he sold the Clinton Group a bill of goods and took over Shop. In a year he has destroyed this company too. Hopefully he gets his butt sued and gets what he deserves. I pity the poor folks who lives he has ruined.

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