Six weeks after the departure of founder, chairman and CEO Richard Thalheimer, two executives who served closely with him at Sharper Image Corp. are leaving. Sharper Image today announced that Tracy Wan, president and chief operating officer, and Jeff Forgan, executive vice president and chief financial officer, have resigned, effective immediately.
The financially troubled retailer said the position of president and COO is being eliminated, with the duties being assumed by interim CEO Jerry W. Levin, who was appointed Sept. 26. The board is searching for a permanent CEO with strong leadership skills, merchandising experienced and a history of business success.
Daniel W. Nelson, Sharper Image’s senior vice president, controller and principal accounting officer, will serve as interim CFO until a permanent successor to Forgan is found. Forgan will serve as a consultant to the finance department for the next four months, the retailer says.
“We are actively engaged in developing a plan to restore Sharper Image to growth and profitability, create value for our shareholders and capitalize on our great brand name and strong customer base,” Levin says.
Internet sales in October at Sharper Image, No. 87 in the Internet Retailer Top 500 Guide to Retail Web Sites, were down 12% to $5.7 million from $6.5 million in October 2005. Total October sales were down 17% to $38.1 million from $46.1 million a year earlier
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