Evine Live, the shopping network formerly known as ShopHQ, said it has named former J. Peterman Co., chief operating officer and chief financial officer Tim Peterman as its new executive vice president and CFO, replacing Bill McGrath.
Peterman’s appointment comes amid a shakeup in the Evine ranks – the company said it is consolidating its leadership with the elimination of president Bob Ayd’s position and the departure of senior vice president and general counsel Teresa Dery. The company said it has appointed chief strategy officer Russell Nuce as interim general counsel, effective immediately.
“We appreciate the contributions Bob, Bill and Teresa have made to the company and wish them all the best in their future endeavors,” Evine CEO Mark Bozek said in a statement. “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.”
Peterman brings more than 20 years’ experience to Evine. Aside from serving as COO and CFO at J. Peterman since 2011, he has held executive positions at Synacor, The E.W. Scripps Company, IAC and the Tribune Company. Peterman will report directly to Bozek.
“Tim’s extensive experience in finance, retail and media makes him the ideal executive to drive EVINE Live's performance going forward," said Evine chairman Bob Rosenblatt in a 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.”
According to filings with the Securities and Exchange Commission, Peterman will receive an annual salary of $350,000 and was awarded a $15,000 signing bonus to join the company. He is eligible for an annual performance bonus of up to 120% of his base salary, as well as a long-term equity incentive grant worth $297,500.
Evine has been in the process of transforming itself since a proxy fight last year shook up its board of directors and brought on new management. The company recently debuted a new show with former Food Network personality Paula Deen – Paula Deen’s Kitchen – part of its strategy to beef up programming with celebrity-led shows.
In a research note, Feltl & Co. analyst Mark Smith said the changes were expected and mark the completion of Evine's transformation.
"We note that Mr. McGrath and Mr. Ayd were the last holdouts from the old management team," Smith wrote. "We think they were kept in their positions because of the value they added, but think the new changes make the transformation complete."