Stuart Romenesko Resigns as SVP, Finance And CFO
of ValueVision International, Inc.
Mr. Romenesko to Serve as Consultant for 6 Months to Ensure Orderly Transition
MINNEAPOLIS, June 15 /PRNewswire/ -- ValueVision International, Inc. (Nasdaq:
VVTV), an integrated electronic and print media direct marketing company,
reported today's resignation for personal reasons of Stuart R. Romenesko, who
most recently served as the Company's Senior Vice President, Chief Financial
Officer, Treasurer and Assistant Secretary. Mr. Romenesko will remain as a
consultant to ValueVision for six months to ensure an orderly transition. His
responsibilities have been assumed by Edwin "Buck" Pohlmann, Executive Vice
President and Chief Operating Officer, in the interim until a new Chief Financial
Officer has been appointed.
"Stuart has served ValueVision with great ability as he has taken on increasing
responsibilities over the past five and a half years at the company. We regret that
Stuart is leaving, but respect his desire to spend more time with his family. We
wish him continued success," said Gene McCaffery, Chairman, President and
Chief Executive Officer of ValueVision International.
Mr. McCaffery noted, "Buck Pohlmann has extensive experience in the Chief
Financial Officer function. Buck will assume these duties pending our naming of
Stuart's replacement." Mr. Pohlmann joined ValueVision in March 1999 as Senior
Vice President, Operations. He most recently served as the Chief Financial Officer
of Fedco, Inc., a $600 million retailer based in Los Angeles, California. Prior to
Fedco, Mr. Pohlmann held senior posts in the retail industry, including Executive
Vice President of Store Operations and Chief Financial Officer.
"During my tenure at ValueVision, I have enjoyed a challenging and rewarding
professional career," said Mr. Romenesko. "I believe the company is strongly
positioned strategically and financially for the future, and am leaving at this stage to
achieve a better balance between personal and business obligations."
Mr. Romenesko has served the Company as Senior Vice President Finance, Chief
Financial Officer, Treasurer and Assistant Secretary since 1995. He joined the
Company in March 1994 as Vice President, Chief Accounting Officer.
ValueVision International, Inc. is an integrated electronic and print media direct
marketing company, and operates a television home-shopping network and
multi-book catalog operation. The Company offers live programming 24 hours per
day, 7 days a week. As of April 30, 1999, approximately 22.2 million homes were
able to receive ValueVision's programming of which approximately 10.6 million
homes on a full-time basis and another 11.6 million on a part-time basis. In
addition, the Company operates several direct mail operations and an Internet
shopping website (www.vvtv.com). The Company's shares are traded on the
Nasdaq Stock Market under the symbol VVTV.
For additional information on ValueVision please visit the Company's web site at
vvtv.com or by fax, at no cost, dial 1-800-PRO-INFO, and enter code
VVTV.
Note: The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Certain information included in this news release
contains statements that are forward-looking, such as statements relating to
naming a replacement for Mr. Romenesko. Investors are cautioned that all
forward-looking statements involve risks and uncertainty, including the possibility
that the naming of a new chief financial officer will take longer than expected. For
more information on the potential factors that could affect the Company's financial
results, investors should refer to the Company's recent filings with the Securities
and Exchange Commission, including the Company's annual report on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K.
SOURCE ValueVision International, Inc.
/CONTACT: Gene McCaffery, Chairman, President and CEO of ValueVision
International, Inc., 612-947-5207; general info, Haris Tajyar, 310-442-0599,
investors, Tracy Gutwillig, 312-266-7800, or media, Marjorie Ornston,
310-442-0599, all of the Financial Relations Board/
/Web site: vvtv.com /
(VVTV) |
