EVINE Live Pays $1.2M Severance To Former CEO
Eden Prairie-based EVINE Live Inc. will spend more than $1.8 million on severance payments to two departing executives who resigned in early February.
Former CEO and board member Mark Bozek will receive $937,500 in severance pay and a “severance bonus” of $286,387, totaling more than $1.2 million. Bozek resigned on February 7 after just 19 months at the helm of the company.
Board chairman Bob Rosenblatt was appointed interim CEO of the television home shopping company, formerly ValueVision Media Inc., effective February 8.
The severance payments were disclosed in a Tuesday filing with the U.S. Securities and Exchange Commission.
Russell Nuce, who resigned at the same time as Bozek, will also receive severance payments. Nuce, who was executive vice president, chief strategy officer and interim general counsel and secretary for EVINE, will receive $375,000 in severance pay and a severance bonus of $225,000.
Over the years, there have been many failed efforts to reverse the fortunes of EVINE, which has a history of losses and has long been a third place player in its niche to QVC and the Home Shopping Network. Bozek became CEO in June 2014 after activist investors waged a proxy battle against the company.
But today the company’s stock in worse shape than when it was targeted by activist investors. The company’s stock has been trading below $1 per share for most of February. On Friday, EVINE’s stock closed at 53 cents per share.
EVINE Live Inc. will announce its fourth quarter numbers and fiscal 2015 results on March 23. Last year the company posted a loss of $1.4 million on revenue of $674.6 million.