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ShopNBC ousts CEO of 5 months after sales sink
updated 19 minutes ago
MINNEAPOLIS - ValueVision Media Inc.'s ShopNBC replaced its chief executive officer Friday, minutes before announcing that sinking sales pushed the 24-hour television shopping network to a wider loss in the most recent quarter.
ShopNBC said John D. Buck will replace Rene Aiu, who served in the spot for just five months, immediately.
"Given the company's recent performance, the board concluded that ShopNBC needs a different kind of leadership and vision," said Buck in a statement.
On Friday ShopNBC posted a loss of $15.8 million on sales that sank 26 percent in the fiscal second quarter, citing fewer units sold at a lower average price point.
Buck, 58, has served on ShopNBC's board since 2004, most recently as executive chairman, and was interim CEO from November 2007 to March 2008, when Aiu took over.
He was formerly CEO of Medica, a major Minnesota health insurer, and president and chief operating officer of Fingerhut Cos. He will remain a member of ShopNBC's board.
Also on Friday the company named Keith R. Stewart president and chief operating officer. He will also serve on the board.
Stewart worked for home shopping channel QVC Inc. for nearly 15 years, most recently as general manager of its German business unit.
Shares of ValueVision plunged 37 cents, or 13.6 percent, to $2.35 in afternoon trading, and earlier traded as low as $2.22, its lowest point in a year.