ValueVision Media Inc., parent company of home shopping site ShopNBC.com, has dismissed its CEO and lowered its financial projections for the year.
At the request of the board of directors, William J. Lansing has stepped down as CEO. John D. Buck, the chairman of the board, will act as interim CEO. The company has retained executive search firm Spencer Stuart to help recruit a new chief executive.
“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.
ValueVision also lowered its revenue growth projection for the year from 6% to 8% to the low single digits and its earnings forecast from $15 million to $20 million to $5 million to $10 million. The company has retained the management consulting firm of Alvarez & Marsal to help improve the company’s performance.
ShopNBC programming reaches 69 million homes and its Internet sales exceed $200 million, according to Minneapolis-based ValueVision. ShopNBC is No. 64 in the Internet Retailer Top 500 Guide.
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