Posts Tagged ‘Carol Steinberg’

ShopHQ Paying Out $5 Million In Severance To Execs

September 10, 2014

The house cleaning that ShopHQ’s new management did was rather pricey for the No. 3 home shopping network, to the tune of about $5 million.

The company had previously reported that ShopHQ CEO Keith Stewart was getting
a $2.5 million severance package for his exit.

https://homeshoppingista.wordpress.com/2014/06/26/ex-shophq-ceo-keith-stewart-gets-2-5-million-severance-package/

And in a filing with the Securities and Exchange Commission Tuesday, we got an update on Stewart’s final package, and also learned a bit about how much the departures of Chief Operating Officer Carol Steinberg and Chief Merchandising Officer Annette Repasch are costing the network.

http://hsprod.investis.com/site/irwizard/vvtv/ir.jsp?page=sec_item_new&ipage=9797150&DSEQ=&SEQ=&SQDESC=

“In conjunction with Mr. Stewart’s resignation and separation agreement, the Company recorded charges to income totaling $2,620,000 for the second quarter ended Aug. 2, relating primarily to severance payments,” the filing said.

ShopHQ eliminated Steinberg’s position is looking for a replacement for Repasch.

As for their packages, “in conjunction with the terminations, the affected executive officers are eligible for severance amounts which are expected to be paid in February 2015. At this time, the Company estimates severance charges totaling $2,300,000 to be recorded in the third quarter of fiscal 2014,” the SEC filing said.

Advertisements

Two More ShopHQ Execs Exit The Network

August 20, 2014

More heads have rolled — we mean executives have left — ShopHQ.

The No. 3 home shopping network said that Chief Operating Officer Carol Steinberg and Chief Merchandising Officer Annette Repasch were “no longer” with the channel, effective this past Monday, according to a filing Tuesday with the Securities and Exchange Commission.

http://hsprod.investis.com/site/irwizard/vvtv/ir.jsp?page=sec_item_new&ipage=9765997&DSEQ=&SEQ=&SQDESC=

Both executives are eligible to be paid a severance in accordance with ShopHQ’s change-of-control provisions, the filing said.

“The company will be commencing a search for a new Chief Merchandising Officer utilizing the services of a nationally recognized search firm, Karen Harvey Consulting,” ShopHQ said.

CEO Keith Stewart was the first to leave once a dissident shareholder group won control of the network.

ShopHQ To Report Fourth-Quarter Results March 5

February 13, 2014

ShopHQ will release its fiscal fourth quarter and full year 2013 results after the market closes on March 5, the home shopping network said Wednesday.

Management will host a conference call/webcast to review the results at 4:30 p.m. the same day. CEO Keith Stewart, President Bob Ayd, Chief Financial Officer Bill McGrath and Chief Operating Officer Carol Steinberg will participate in the call. The call and webcast are open to the general public.

WEBCAST/WEB REPLAY: http://www.media-server.com/m/p/wdb36svn

TELEPHONE: 877-703-6104

PASSCODE: 71945286

Dissident ShopHQ Group Now Calls For COO To Be Booted

November 5, 2013

A dissident shareholder group is not letting up on ShopHQ, continuing to demand that the current management be ousted.

We blogged last week about The Clinton Group’s call for ShopHQ, formerly ShopNBC, to dump CEO Keith Stewart because of the poor performance of the No. 3 home shopping network.

https://homeshoppingista.wordpress.com/2013/10/31/shareholders-call-for-shophq-to-can-ceo-but-it-says-no-no-no/

Well, there were two press reports Monday about The Clinton Group still being on the war path. The New York Post wrote that the shareholder group, which has a 5 percent stake in ShopHQ, was also calling for ShopHQ Chief Operating Officer Carol Steinberg to be canned.

http://nypost.com/2013/11/03/investor-looks-into-replacing-shophqs-2nd-in-command/

The paper said that The Clinton Group skewered Steinberg because she had posts on Facebook that indicated she is in Philly on Mondays and Fridays, far away from the network’s HQ in Minnesota. The shareholder group made this accusation during a presentation to the company’s board, according to the Post.

http://www.businessweek.com/ap/2013-11-04/clinton-group-seeking-change-at-valuevision-media

Meanwhile, Bloomberg Businessweek reported that The Clinton Group is demanding a shareholder meeting to reshuffle ShopHQ’s board. The group wants most of the board’s current members removed and for seven new nominees put in, picked from a roster of execs that includes former Home Shopping Network CEO Mark Bozek and former Sony Music Chairman (and Mariah Carey ex-husband) Tommy Mottola.

The beat goes on.

ShopNBC i.e. ShopHQ To Report Second-Quarter Results Aug. 21

August 9, 2013

Call it ShopNBC. Call it ShopHQ.  Call it ValueVision Media Inc.

The No. 3 home shopping network will release its second-quarter results after the market closes on Aug. 21, the company said Thursday.

Management will host a conference call/webcast to review the results at 4:30 p.m. the same day.

CEO Keith Stewart, President Bob Ayd, CFO Bill McGrath and COO Carol Steinberg will all be on the call, which is open to the general public.

WEBCAST/WEB REPLAY: http://www.media-server.com/m/p/7yqrbt7i

TELEPHONE: 866-277-1184; Passcode: 95412533

ShopNBC Getting New Moniker: ShopHQ

May 23, 2013

ShopNBC is taking the “NBC” out of its name, in part to avoid paying $4 million a year in license fees to the Peacock Network to use the name.

ShopNBC, once known as ValueVision, will be called ShopHQ — “Your Headquarters for All Things Shop.”

ShopNBC broke the news Wednesday, the same day it released its first-quarter earnings.

“The visual experience of the new brand begins today on TV, online, mobile and social platforms, with a gradual transition to the new brand and Internet URL to be completed over the balance of the fiscal year, supported by a targeted, customer marketing campaign,” ShopNBC said in its press release.

The new website is http://www.shophq.com.

ShopNBC had actually announced its planned name change three years ago, but at that time did not have the new moniker yet.

https://homeshoppingista.wordpress.com/2010/05/19/nbc-to-sell-stake-in-shopnbc-which-plans-to-change-its-name-and-rebrand/

The No. 3 home shopping network said it conducted research and vetting on the new name in partnership with Landor Associates, a global strategic branding and design firm.

The Landor team worked with ShopNBC to develop and validate a name and positioning that would resonate with viewers, so the release said.

“The new brand leverages the business’ core identity of ‘Shop’ and layers on simplicity, comfort and strength,” ShopNBC said in corporate speak. “It also clearly states the aspiration of making ShopHQ a shopping destination. Starting today, customers will begin to see the new name and logo alongside the current logo, with a gradual transition to the new brand. A variety of on-air marketing promotions are planned over the remainder of the year, to educate viewers and make them comfortable with the transition.”

ShopNBC CEO Keith got more than his two cents in.

“Over the past few years, under a new management team, we have substantially expanded our product assortment, enhanced the customer experience and have grown our customer base to 1.2 million customers,” he said in a canned statement. “Our customers are purchasing more frequently, are enjoying a steadily improving shopping experience and are more engaged than ever. The progress we have made makes this the right time to take control of and invest in our own brand.”

Yada, yada, yada.

“The ShopHQ brand clearly communicates to current and potential customers that we aim to be their place for shopping, wherever they are and whenever they need us — on TV or online and across a broad array of merchandise categories,” Stewart said.

“Our research showed the brand has familiarity, and provides a clear, focused and empowering foundation for our Company and its future. This is an important step in the long-term building of our business, our customer base, and vendor relationships that allows us to control the brand equity we are building. While we value the relationship with our friends at NBCUniversal, it was the right time for our company to branch out and establish our own brand.”

In a separate press release on the company’s earnings, ShopNBC Chief Operating Officer Carol Steinberg explained the dollars-and- cents reasons for the change: The money ShopNBC has to pay NBCU to use “NBC” as part of its name. NBCU is part of Comcast, a major ShopNBC shareholder.

“We believe our business has evolved to the point where developing our own brand is the logical next step for the company,” Steinberg said. “Taking ownership of our brand empowers us to shape our future, to build brand equity that we control, and to eliminate $4 million in annual license fees. We have developed a comprehensive plan with the transition to ShopHQ occurring over the course of this fiscal year, including a range of initiatives aimed at ensuring a smooth customer experience.”

ShopNBC has been operating under the ShopNBC name since June 2001m, and its current license agreement expires Jan. 31 next year.

Stewart also sent an email to ShopNBC customers like us explaining the name change.

ShopNBC To Post First-Quarter Earnings May 22

May 9, 2013

ShopNBC will release its first-quarter results after the market closes on May 22. Management will host a conference call/webcast to review the them at 4:30 p.m. the same day.

CEO Keith Stewart will participate in the call, as will President Bob Ayd, Chief Financial Officer Bill McGrath and Chief Operating Officer Carol Steinberg.

The call and webcast are open to the general public.

WEBCAST/WEB REPLAY: http://www.media-server.com/m/p/8ybzo5qa

TELEPHONE: 866-515-2910; Passcode: 83928428

ShopNBC’s New Chief Operating Officer Will Pocket $420,000 Base Salary

October 14, 2012

ShopNBC has promoted QVC alum Carol Steinberg, raising her base salary to $420,000 a year. That’s not chump change, folks.

Steinberg, 52, as of Oct. 8 was named the home shopping channel’s chief operating officer, according to a filing with the Securities and Exchange Commission. Previously, she served as the company’s executive vice president of Internet, marketing & human resources since June 2011.

Steinberg joined ShopNBC as senior vice president of e-Commerce, marketing and business development in June 2009.

Prior to joining the home shopping network, Steinberg was vice president at David’s Bridal from September 2006 to June 2009, where she expanded its Internet presence by designing and implementing marketing and merchandising strategies that drove traffic in store and online.

Prior to that position, Steinberg spent 12 years at QVC from July 1994 to September 2006, most recently having served as the director of online marketing and business development.

In connection with the promotion, ShopNBC’s board approved an increase to Steinberg’s annualized base salary to $420,000 and an increase to her target bonus opportunity equal to 65 percent of her base salary. She will also receive 30,000 shares of restricted stock, which will vest in equal installments over a two-year period.

Got To Read The Bottom Of ShopNBC Announcements: Touts Its Award As Overall Best-in-Class In Mobile Commerce, But QVC Topped It (See End Of SNBC Press Release)

June 11, 2010

The Acquity Group, a multichannel commerce and digital marketing company, has chosen ShopNBC’s mobile ecommerce platform for overall “Best-in-Class” in its mobile efforts as well as “Best-in-Class” for the mass merchant industry, the home shopping network said Thursday.

But if you manage to read all the way to the bottom of ShopNBC’s press release, you’ll learn that QVC also made the overall Best-in-Class list. Not ony did QVC make the list, it came in at No. 8, ahead of No. 10 ShopNBC.

Anyway, ShopNBC and QVC’s were reported in Acquity Group’s second annual Mobile Commerce Audit 2010, which identified companies and industries that are pioneering mobile initiatives. The Audit considered all companies listed on the Internet Retailer 500 and evaluated metrics across 18 different categories, including device detection across five browsers (iPhone OS, Android, BlackBerry OS, Palm webOS and Windows CE) and mobile applications for catalog and checkout functionality.

“Ranked 87th in the 2009 Internet Retailer 500 list, ShopNBC has proven themselves adept at leveraging the mobile channel and is ranked in the Top 10 [ No. 10] of retailers for mobile commerce according to Acquity Group’s Mobile Audit,” Tom Nawara, Acquity Group Managing Director of Digital Strategy & Design, said in a canned statement.

True, but again, rival QVC was ahead of ShopNBC by two spots,

“ShopNBC’s implementation of optimized sites and m-commerce checkout across multiple mobile OS platforms and browsers as well as a related iPhone application gives them a Top 10 ranking in this year’s assessment,” he said.

ShopNBC partnered with Usablenet to develop a mobile-enabled version of its website, which was launched last December.

ShopNBC’s mobile site was designed with a similar look-and-feel of its website, and caters to the mobile shopper. The most sought-after locations by ShopNBC mobile shoppers include the multi-media retailer’s top promotions Today’s Top Value, On Air Now, and Last 12 Items On Air.

New and existing mobile shoppers can make purchases in a few easy steps and also access their account and order status as well as review a 24-hour online program guide and search for any product available on the site. In addition, ShopNBC has an iPhone application, which accounts for over 40 percent of its mobile traffic.

“Mobile commerce is a game-changer in the e-commerce arena,” Carol Steinberg, ShopNBC’s senior vice president of E-commerce, marketing and business development, said in her canned statement. “Not only is consistency in the brand and user experience critical when adding on another e-commerce dimension to one’s multi-media retailing business, but it also important to ensure consumers are able to connect emotionally with the brand and maintain familiarity with its content, products and services when mobile shopping.”

Added Steinberg, “We are appreciative of the recognition from Acquity. We believe it’s important to provide our customers access to our product offerings in ways that are most convenient to them. Because today’s customer is also seeking faster and easier ways to shop, our mobile site provides them with another interactive alternative. To date, our mobile initiatives have resonated strongly with them with strong customer behavior in orders per day, conversion rates, and average order values.”

This was toward the end of ShopNBC’s release: “The other companies named to Acquity Group’s 2010 overall Best-in-Class list include: Amazon, Best Buy, 1-800-Flowers.com, Barnes and Noble, Indigo Books & Music, Sears Holdings, Overstock.com, QVC and Target.”

Acquity Group is a multichannel commerce and digital marketing company that helps global brands create award-winning digital experiences, aiming to create brand-unique experiences that build unbreakable customer relationships.

The purpose of the Acquity Group Internet Retailer 500 Mobile Audit is to identify companies and industries on the leading edge of mobile-commerce initiatives. Leaders were honored with the Acquity Group Mobile Commerce Overall Best-in-Class designation. All Best-in-Class companies are leaders in recognizing this trend and initiating mobile development.

ShopNBC’s CEO Made $362,000 Last Year In Compensation, Down From $1.5 Million In 2008

May 15, 2010

ShopNBC CEO Keith Stewart

ShopNBC’s proxy statement was filed last week, and it wasn’t exactly a great year in terms of the cash compensation shelled out to the network’s top dogs.

For example, it looks like Keith Stewart, the homeshopping channel’s CEO, took a substantial cash pay cut. He collected $361,539 last year, just about one-fourth of the $1,525,995 he made in 2008, according to Page 24 of the filing with Securities and Exchange Commission.

Stewart’s “targeted” cash comp in 2009 was a tidy $1,137,500. But the QVC alum didn’t get that, apparently because ShopNBC did not hit its goals.

“No annual cash incentives were paid with respect to fiscal 2009 since the minimum financial threshold for the 2009 annual incentive program was not attained,” the proxy said.

Frank Elsenbast, ShopNBC’s senior vice president and chief financial officer, received cash comp last year of $306,600 versus $328,742 the prior year.

Carol Steinberg, ShopNBC’s senior vice president of e-commerce, made $475,991 in cash comp.

Kris Kulesza, senior vice president of merchandising, collected $325,000, just about half of the cash comp of $601,312 he received in 2008.

And Nathan Fagre, senior vice president and general counsel, made $318,600, just a bit less than his $338,101 he received in 2008.

ShopNBC’s first-quarter conference call is Wednesday, so let’s see how the channel does.