ValueVision Media CEO leaves
ValueVision Media, Inc. (Nasdaq: VVTV) shares are edging down after the Eden Prairie, Minn.-based direct marketer announced its chief executive William J. Lansing is leaving. ValueVision, which operates Internet, mail and television shopping outlets, said it named John D. Buck as the firm’s interim CEO. Lansing joined ValueVision in 2003.
“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 in a statement. "The board is committed fully to renewing the business focus at the company.”
ValueVision said it has hired Spencer Stuart, an executive search firm, to assist the board’s selection committee in finding a permanent CEO.
The company also lowered its fiscal year revenue growth guidance to low single digits, below analyst estimates of 5% and from a previous range of 6% to 8%. ValueVision’s revenue in fiscal 2007 totaled $767.27 million.
“We are experiencing a challenging retail environment," Buck said.
In pre-market trading, VVTV shares are down 0.31%, or $0.02, at $6.46. Over the last 52 weeks, shares have ranged from $6.34 to $14.12.
