More high drama going down behind the scenes at ShopNBC. I just love it when inept, overpaid executives start slinging mud around.
If you don't already know what's going on, read my blog entries about it here and here.
According to StarTribune.com, Marshall Geller, a 16-year member of the board at ValueVision Media Inc. [parent company to ShopNBC] has resigned to protest the choice of the new leadership.
After huge second quarter losses were reported last week, CEO Rene Aiu was fired and replaced with board chair, John Buck.
Buck neglected to tell shareholders that the board of directors wasn't united in backing him as the new CEO or the direction of the company.
Geller said he did not know why the company chose to wait to disclose his resignation. In his letter, Geller said he was stepping aside to "honor my business judgment and maintain my reputation as a board member serving the public shareholders of the companies I am involved in."
Geller said he quit because he wanted to see "something more dramatic. ... There should have been a lot more emphasis on either doing some strategic partnership, selling the company, merging with someone, acquiring another company -- something other than continually changing management."
I don't claim to know these people or the inner workings of ShopNBC, but this Buck guy seems shady to me. He fires Aiu after giving her only five month to turn the company around (mind you, ShopNBC hasn't been in the black in many, many years), appoints himself in her place, and neglects to tell shareholders that the board doesn't actually agree with his decisions. What a snake.
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I hope they go out of business. For years they have been selling electronics, computers and televisions that are absolute junk, they know it is junk, complete with worthless warranties that they do not honor. It is fraud, in my opinion they are a bunch of thieves.
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