ValueVision Media, which operates the ShopNBC channel, announced that CEO William Lansing has exited at the request of the board of directors. The company also reduced its financial guidance for the balance of the year. The Spencer Stuart executive search firm has been retained to find a new leader for the company. For now, Chairman of the Board John Buck will act as interim CEO.
"The Board is committed fully to renewing the business focus at the company. I also want to express the Board’s strong support for the company’s talented and dedicated employees, who are the lifeblood of this organization. ValueVision thrives on bringing fresh, unique and high-quality products to its loyal customers. We look to our employees to continue this strong focus on our customers, while improving our financial performance," Buck said in announcing the change at the top.
He also announced that ValueVision now expects full-year revenue growth to be only in the low single digits, down from the previous guidance of 6-8%. EBITDA is expected to be 5-10 million bucks, not the previous forecast of 15-20 million. "We are experiencing a challenging retail environment," said Buck.