Shop at Home Sends Lillie Home5/07/2001 7:22 AM Eastern
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
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
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.