ValueVision Ousts CEO10/26/2007 9:21 AM Eastern
ValueVision Media, the parent of home shopping channel ShopNBC, said Friday that its CEO William Lansing has stepped down at the request of the board of directors. The board has appointed company chairman John Buck as interim CEO, effective immediately.
ValueVision also reduced its 2007 financial guidance. Revenue growth for the year is now expected to be in the low single digits – instead of between 6% and 8% -- and cash flow is expected to be in the $5 million to $10 million range. ValueVision had previously forecasted cash flow would be in the $15 million to $20 million range.
“The board believes that the actions announced today are in the best interests of the company and all of its stakeholders, including our shareholders, customers, vendors, and employees,” Buck said in a prepared statement. “The board is committed fully to renewing the business focus at the company. I also want to express the board’s strong support for the company's talented and dedicated employees, who are the lifeblood of this organization. ValueVision thrives on bringing fresh, unique and high-quality products to its loyal customers. We look to our employees to continue this strong focus on our customers, while improving our financial performance.”
ValueVision said it has retained executive search firm Spencer Stuart to assist a selection committee of the board in a national hunt for a permanent CEO.
Lansing joined ValueVision in 2003, after stints as CEO of catalog company Fingerhut Cos., and as vice president of business development at General Electric, parent of NBC.
ValueVision stock – which hit a new 52-week low earlier in the day of $5.25 per share – was priced at $5.47, down 99 cents each or 15.3% in afternoon trading Friday.