Posts Tagged ‘Russell Nuce’

Evine Live’s Ex-CEO Lands $1.2 Million Severance

February 24, 2016

Don’t shed any tears over Mark Bozek and Russell Nuce, the Evine Live honchos who were recently ousted from the home shopping network. They have landed quite nicely with their golden parachutes.

Evine Live disclosed the severance packages that Bozek, the company’s former CEO, and Nuce, the ex-EVP and chief strategy officer, are getting in a filing with the Securities and Exchange Commission on Tuesday.

http://hsprod.investis.com/site/irwizard/vvtv/ir.jsp?page=sec_item_new&ipage=10764849&DSEQ=&SEQ=&SQDESC=

In round numbers, Bozek’s severance – which we don’t believe includes stock options – is $1.2 million.

That breaks down to $937,500, or 1.5 times his annual base salary, as well a severance bonus of $286,000, which is equal to 1.5 times times his annual bonus over the two fiscal years preceding the year of his resignation.

As a condition of his severance, Bozek agreed to: a confidentiality provision; a 2-year non-solicitation of vendors and a one-year non-solicitation of employees; an 18-month non-compete clause: and a mutual non-disparagement agreement.

In other words, Bozek won’t bad mouth Evine Live and it won’t bad mouth him.

Bozek’s lieutenant, Nuce, didn’t do too bad, either, getting a $600,000 parachute.

He will receive $375,000, or his annual base salary, as well as a $225,000 severance bonus, his target annual incentive bonus.

Advertisements

Evine Live CEO Mark Bozek Is Gone In Shakeup

February 8, 2016

Holy crap: Mark Bozek is out as CEO of Evine Live. We guess that will put a damper on the network’s first anniversary celebration this weekend!

But seriously, we are never happy to see anyone lose their job, especially since we were unemployed for two years after being laid off. And we like some of Bozek’s initiatives. But obviously his board didn’t, and the fact the stock is trading at $1 is not good news for investors.

We were lying in bed this morning checking our email when we saw the Evine Live press release, “EVINE Live Inc. Announces Changes in Senior Management, Bob Rosenblatt, Chairman, Named Interim CEO” and popped up to write it up.

The mini-bloodbath includes the exit of Russell Nuce as executive vice president, chief strategy officer, interim general counsel and corporate secretary. Evine Live said that it named HSN veteran Rosenblatt to the CEO post after after “Mark Bozek’s decision to step down as Evine Live’s Chief Executive Officer and as a member of the Evine Live Board.”

Rosenbatt will serve as interim CEO while the network searches for a permanent replacement for Bozek. The company has hired Korn Ferry, a national executive search firm, to help identify candidates and will consider both internal and external candidates.

We’re sad to report that right off the bat Rosenblatt was in management-speak mode, talking about how well-positioned Evine Live is. If it’s in such great shape, why did it just show Bozek the door?

“Evine Live could not be better positioned for the future,” Rosenblatt said in a canned statement.

“We will bring an even greater focus and discipline to Evine Live’s merchandising strategy, margin profile, and execution to deliver profitable growth and shareholder value. With Evine Live’s assets of cable distribution, a strong merchandising organization, deep knowledge of our customers, a new fulfillment operation, the overall trends in e-commerce, and video now being the prime driver of content consumption at home, work and via mobile, Evine Live is really in the right place at the right time.”

Rosenblatt added, “I look forward to working with the team to continue delivering products and experiences that attract customers and win a greater share of wallet. Our team members remain our greatest asset, and together, we stand well positioned to execute on our strategic objectives.”

Here is Landel Hobbs, Evine Live’s vice chairman, canned statement on the management shakeup.

“We are pleased to have someone of Bob’s caliber and expertise taking on the role of interim CEO,” he said. “With his profound knowledge and experience in both e-commerce and televised shopping businesses, and the in-depth understanding of all aspects of Evine Live gained during his tenure as Chairman, Bob is the natural choice to lead the Company through this period of transition. The Board appreciates his willingness to take on this expanded role and looks forward to working closely with him.”

Mr. Hobbs continued, “On behalf of the Board, I want to thank Mark and Russell for their contributions to Evine Live. We are grateful for Mark’s leadership during a dynamic period in the Company’s history.”

In a separate announcement issued Monday, Evine Live provided preliminary fourth-quarter 2015 results. And we guess they were a contributing factor to Bozek’s departure.

Net sales are expected to be between $209 and $212 million. Gross profit as a percentage of net sales expected to be between 31 percent and 31.6 percent. Adjusted EBITDA expected to be between $4.9 million and $5.4 million. Net income, namely profits, are expected to be between zero and $500,000. Earnings-per-share are only expected to be as high as ONE PENNY!

Total cash, including restricted cash, at year end is approximately $12 million with an additional $28 million of availability on a revolving credit facility with PNC Bank

The home shopping network will release its fourth quarter and fiscal 2015 results March at 6 a.m. ET before the market opens. Rosenblatt and Tim Peterman, chief financial officer, will hold a conference call at 8:30 a.m. to review these results.

Here is Rosenblatt’s resume:

Bob has more than 25 years of leadership experience at a number of leading retail organizations, including Tommy Hilfiger, HSN (formerly the Home Shopping Network) and Bloomingdale’s. During the end of 2012 through mid-May of 2013, he was Interim President of Ideeli.com, a flash sales company based in New York that was sold to Groupon.

As Group President and Chief Operating Officer of Tommy Hilfiger Corporation, he grew revenues and profitability and built the company’s first transactional web site. Mr. Rosenblatt co-managed the process which culminated in the Tommy Hilfiger Company successfully being sold to Apax Partners in 2006.

Mr. Rosenblatt also previously served as Chief Financial Officer, Chief Operating Officer and President of HSN. Mr. Rosenblatt introduced and built HSN’s online operation, which achieved profitability within three months of inception. As Chief Financial Officer at Bloomingdale’s, Mr. Rosenblatt was responsible for financial reporting, financial planning and administrative management.

For the past nine years, Mr. Rosenblatt has been the Chief Executive Officer of Rosenblatt Consulting, LLC, which specializes in helping investment firms determine value in both public and private companies in the consumer products sector, as well as helping retail firms maximize profitability.

Mr. Rosenblatt currently serves or has served on several public and private boards in the retail and technology industry including PepBoys (NYSE:PBY), RetailNext, Newgistics, ERA (Electronic Retailing Association) and I.Predictus. In addition, Mr. Rosenblatt previously taught at FIT (Fashion Institute of Technology) as an Adjunct Professor.

Evine Live To Present Vendors’ Holiday Gift Lists

November 14, 2015

We just spotted this press release from Evine Live, and are we reading it right?

The home shopping network is having its key vendors offer their holiday gift lists, and the items on the lists are basically products from other Evine Live vendors?

If so, how convenient. If not, our bad.

EVINE Live’s Brightest Stars Share the Holidays and Inspire Gift-Giving With Their Ultimate Personalized Gift Lists

Nancy O’Dell, Paula Deen, Karen Fairchild, The Dubrows and Other EVINE Live ‘Brands With Fans’ Share Their Holiday Gift Lists

MINNEAPOLIS, MN–(Marketwired – Nov 13, 2015) – EVINE Live Inc. (NASDAQ: EVLV), a digital commerce company (evine.com), today announced that it will give customers an exclusive look at the gift lists of some of EVINE Live’s most popular personalities and brands.

As part of EVINE Live’s “Share the Holidays” campaign, many of EVINE Live’s best known personalities and brands will share their favorite gifts of the holiday season with their fans. The gift lists will be unveiled on social media via Facebook, Twitter, Instagram and Pinterest. Among the EVINE Live personalities sharing their personal holiday gift lists are Nancy O’Dell, Paula Deen, Karen Fairchild of Little Big Town, The Beekman Boys and Dr. Terry and Heather Dubrow of E! Entertainment Television’s “Botched” and “The Real Housewives of Orange County.”

“This unique holiday experience is just one of the many ways we are delivering on our brand promise of Shop.Share.Smile. Our ‘brands with fans’ were thrilled to share their holiday gift lists with their rapidly growing social networks. This fun shopping experience is a way to connect new and existing customers,” said Russell Nuce, EVINE Live’s Chief Strategy Officer.

“Through this first-of-its-kind campaign at EVINE Live, we’ve taken the idea of sharing the holidays to a new level. During the ‘Share the Holidays’ campaign, Paula Deen will introduce her fans to Beekman 1802 bath and body products, Nancy O’Dell’s fans will discover Paula Deen’s food items, and Dr. Terry and Heather Dubrow’s fans will get acquainted with Karen Fairchild’s new fashions. It’s social discovery at its very best.”

The 12 EVINE Live Gift Lists will be shared on Facebook, Twitter, Instagram and Pinterest and are available beginning today on evine.com. Items on each gift list include some of this year’s hottest giftable items from EVINE Live including fashion, beauty, jewelry, watches, home entertaining, consumer electronics and this season’s “must-have” gift item, the Swagway.

Destiny’s Child Michelle Williams Is Destined For Evine Live

September 18, 2015

Dang, we can’t keep up with all this home shopping news!

Evine Live just announced that Michelle Williams, formerly of Destiny’s Child, will preview her “Believe at Home” line on the network on Sept. 23.

Michelle Williams

Michelle Williams

Williams — a Grammy winner, singer, songwriter and actress — will give fans a sneak peek at her collection of home products, with the full line debuting this spring.

Evine Live went with the hype, calling Destiny’s Child “the biggest pop group of all time.” We don’t know about that.

“Michelle’s broad reach in the Pop, Gospel and R&B worlds coupled with her approachability and sophisticated sense of style make her a perfect addition to the Evine Live family and further expands our assortment of ‘brand with fans,'” Russell Nuce, the network’s chief strategy officer, said in a canned statement.

“Michelle’s new collection not only offers our customers incredible value and quality, but also helps us expand our home assortment and fill a missing niche in the category.”

“I’m so excited to come to Evine Live and share my passion for design with viewers,” Williams said in her canned statement.

“Ever since I was a little girl, I’ve been intrigued by home décor. I remember watching my mother and grandmother hand-stitch quilts and sew their own curtains and bedding. That’s really where the inspiration for this collection began.”

Here’s the boilerplate from the press release:

Inspired by her grandmother and mother who made beautiful hand-made items for their family, and her world travels as an actress and musician, the line is a timeless and unique collection of home products that embody Michelle’s style and passion for design. During the September 23 preview, Michelle will feature several items, including a duvet set and embroidered sheet set. The full collection will be revealed during the official premiere, planned for Spring 2016.

Michelle first rose to fame as a member of the internationally acclaimed female pop group Destiny’s Child. She has sold 150 million records and received more than 150 awards, including three Grammy awards, Billboard Music Awards, MOJO and many other accolades. In addition, Michelle is also an accomplished solo music artist, topping the Billboard Top Gospel Albums chart and Billboard Hot Dance chart.

She released her first album in over five years, Journey to Freedom, which showcased the singer’s natural talent and versatility. She has also captivated audiences on theatrical stages and in television, appearing in the hit Broadway musicals “Aida,” “The Color Purple” and “Chicago.” Michelle is represented by Holly Carter, President of Relevé Entertainment.

‘Bizarre Foods’ Andrew Zimmern Brings Meat To Evine Live

September 3, 2015

Would you buy meat products from a man who hosts a show called “Bizarre Foods”? Well, that’s what Evine Live is asking you to do.

The network announced that Andrew Zimmern, chef and host of Travel Channel’s “Bizarre Foods,” will debut his “World’s Best Meats” line of fresh, never-frozen meats and sausages on Sept. 8, next Tuesday.

Get ready for sweet Italian and hot Italian Sausage, Sierra cut steak, pork tomahawk chops, lamb ribs and Merguez sausage.

Noting that Zimmern is a three-time James Beard Award winner, chef, writer and teacher, Evine Live said that he will be “bringing his zest for food” to the network.

“Andrew will tantalize viewers with his unique selection of food and high-quality cuts of meat from one of the country’s finest meat purveyors, Pat LaFrieda,” the press release said.

“We’re excited to welcome Andrew Zimmern as the newest member of the Evine Live family,” Evine Live Chief Strategy Officer Russell Nuce said in a canned statement.

“While Andrew is best-known for his work on ‘Bizarre Foods,’ he’s also a skilled chef and successful restaurateur,” Nuce said. “He’s passionate about seeking out the finest, freshest ingredients for his recipes, which led him to source from one of the best in the world, Pat LaFrieda. It’s almost unheard of in our industry to deliver to customers’ doorsteps meat that’s fresh and never frozen and we’re thrilled to offer that level of quality to our viewers.”

Here’s Zimmern’s canned comment:

“I haven’t been this excited in a long time,” he said.

“Working with my friend Pat to bring a new product line to Evine Live’s community is what I’ve wanted to do for years. Being able to share cuts of meat unavailable at retail’s butcher counters is real story telling through food, and it affords everyone the same opportunities that the best chefs in the world have. From Korean boneless short ribs, to my favorite new steak cut, to our signature sausages, everyone can share in what I’ve experienced abroad at their own table.”

“My family has been dedicated to supplying America’s best meat to the greatest chefs in the country,” LaFrieda said.”Now, I have the opportunity to get that same high-quality meat to households around the country.”

Here’s a boilerplate from the press release:

Partnering with Pat LaFrieda, a fourth-generation butcher and supplier of meats to some of the most celebrated restaurants around the country, Andrew has curated a unique selection of meats and sausages sourced from trusted family-owned farms.

Delivered fresh, never frozen to the customer’s doorstep, Andrew Zimmern: World’s Best Meats ensures first-class flavor that can’t be found at retail butcher counters and shops.

Management Bloodbath Hits Evine Live

March 28, 2015

Evine Live had a bloody week. Formerly known as ShopHQ, the home shopping network has done some spring cleaning, sweeping out many members of the former management team — including the president.

http://finance.yahoo.com/news/evine-live-inc-announces-executive-205500666.html;_ylt=A0LEV790zhZVLxsAiJ4nnIlQ

First, the network appointed Tim Peterman its executive vice president and chief financial officer, replacing Bill McGrath.

Peterman’s resume includes stints at Synacor, E.W. Scripps Co., IAC and Tribune Co. He will report to Mark Bozek, CEO of Evine Live Inc.

Bob Ayd gone

Bob Ayd

“Tim’s extensive experience in finance, retail and media makes him the ideal executive to drive Evine Live’s performance going forward,” Evine Live Chairman Bob Rosenblatt said in a canned statement. “We are confident that his proven ability to execute will be a tremendous asset as we continue to drive efficiencies and gain momentum with our strategy.”

But here is the blockbuster buried in the press release: “The company continues to transition its approach in all areas of the business, Evine Live is consolidating leadership and announced it is eliminating President Bob Ayd’s position.”

Wow!

Another casualty was Teresa Dery, senior vice president and general counsel. Her interim replacement is Chief Strategy Officer Russell Nuce.

And here is Bozek’s “don’t-let-the-door-slap-you-in-the-ass” quote:

“We appreciate the contributions Bob, Bill and Teresa have made to the company and wish them all the best in their future endeavors,” he said. “We believe that our new leadership structure will allow us to be more nimble in all areas of the business and further cement a strong foundation for long term growth and profitability.”

ShopHQ Execs Bozek, Nuce’s Outrageous Comp Packages

November 20, 2014

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:

http://hsprod.investis.com/site/irwizard/vvtv/ir.jsp?page=sec_item_new&ipage=9909017&DSEQ=&SEQ=&SQDESC=

ValueVision, ShopNBC, ShopHQ, Evine Live?

November 19, 2014

Honestly, we’re not sure if we remember all of the monikers that the No. 3 home shopping network has had over the years. And we don’t like the latest one.

It started out of ValueVision. We think it next changed to ShopNBC, but we may have missed a name here.

Then it was rebranded as ShopHQ under Keith Stewart’s reign, and we actually that was a pretty good name.

EVINELive_LOGO_RGB

But on Tuesday the new management at ShopHQ, led by Mark Bozek, announced that it was renaming the network yet again, immmediately, as Evine Live Inc., “marking an important next step in the Company’s long-term strategy to become a true digital commerce company.”

Effective Thursday, the company’s NASDAQ trading symbol will also change from VVTV to EVLV.

“EVINE Live will focus on all things digital,” the press release said. “The ‘Es’ that bookend the EVINE Live brand speak to the ease, exclusivity and energy of this new entertaining consumer experience. The inclusion of the word ‘Live’ is all about real-time impulses to act and interact on all digital platforms.”

You got that corporate speak?

http://tcbmag.com/News/Recent-News/2014/November/ValueVision-Rebranding-Now-Called-EVINE-Live

“On the heels of a solid third quarter, we strongly believe definitive change and innovation are necessary to build on our recent momentum and drive the Company to the next level,” Bozek, CEO of EVINE Live, said in a canned statement.

“We believe that fully embracing this new transformation will enable EVINE Live to forge new paths and new relationships that allow us to be far more competitive, far more creative, and far more disruptive on all our platforms,” Bozek said. “EVINE Live has the opportunity to be fearless in our strategies to transform the worlds of retail and entertainment while, at the same time, driving greater customer engagement.”

The network said that it expects to transition from doing business as “ShopHQ” to “Evine Live” over the coming months, with the complete rebranding planned to take place in the first half of next year.

Russell Nuce and Mark Bozek

Russell Nuce and Mark Bozek

In the coming months, the channel intends to introduce new proprietary brands from the worlds of fashion, beauty, jewelry, home and fitness.

“This new approach should enable us to build a stronger foundation for long-term growth,” added Bozek.

The company also announced that Russell Nuce has joined as its Chief Strategy Officer, reporting to Bozek.

“Russell has been a longtime colleague whose experience in strategy, licensing, corporate law and entertainment will help provide the architecture for all that comes next,” Bozek said.

We haven’t listened to the analyst call yet about this news, and the network’s third-quarter results. More on that in another blog.