Shop at Home Sends Lillie Home
By Mike Farrell -- Multichannel News, 5/8/2001 5:00:00 AM
Troubled by mounting losses, the board of directors of Shop at Home Inc. voted Saturday to fire president and CEO Kent Lillie.
Lillie took over management at the network in 1993, growing revenue from $20 million to $200 million last year. But Shop at Home's loses continued to mount despite a cost-cutting program initiated by Lillie last July to help reduce debt.
Shop at Home pared down its work force from 618 to 490 in one year and sold one of its broadcast-television stations -- in Houston -- in March for about $57 million. Another deal to sell its Bridgeport, Conn., station for $37.5 million fell through in November.
'The board, however, decided that despite Mr. Lillie's efforts and in light of the operating losses sustained by the company over the last several years, it is in the best interests of the company and its future success to bring in a new chief executive officer,' Shop at Home chairman J.D. Clinton said in a prepared statement.
Clinton added that the company will immediately begin a search for a new CEO who will 'enhance the value of our shareholders' investment through sound fundamental operations, cash flow and profitability.'
Shop at Home is available in about 61 million cable and satellite homes across the country. The company also owns broadcast-television stations in San Francisco; Boston; Cleveland; Raleigh, N.C.; and Bridgeport.
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