News Column

ValueVision confirms that dissidents gained half its board seats

June 21, 2014

By Steve Alexander, Star Tribune (Minneapolis)



June 21--ValueVision Media confirmed Friday that dissident shareholders represented by the Clinton Group won four of eight board seats Wednesday in a hotly contested election for control of the company.

ValueVision, an unprofitable TV and Internet shopping firm based in Eden Prairie, delayed releasing the election results for two days so that the vote totals could be certified. The company did not comment on the results when it filed them late Friday with the Securities and Exchange Commission.

Immediately after the vote Wednesday, the Clinton Group had claimed that four of its nominees had won spots on the eight-member board, but that the other two of its six nominees had not been elected.

The final tally showed that the new Clinton-backed board members, Fred Siegel, Thomas Beers, Mark Bozek and Robert Rosenblatt, were the top four vote-getters in the board election.

They ousted incumbents Randy Ronning, the board chairman, as well as William Evans, Sean Orr and Jill Botway.

The re-elected board incumbents were John Buck, CEO Keith Stewart, Landel Hobbs and Lowell Robinson.

Clinton nominees Thomas Mottola and Ronald Frasch failed to win board seats.

The election results leave the board split four-to-four between dissidents and board members who have previously supported management, making uncertain whether the Clinton Group can carry out its agenda of replacing CEO Stewart and revamping the company's marketing strategy.

Steve Alexander -- 612-673-4553

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(c)2014 the Star Tribune (Minneapolis)

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Source: Star Tribune (Minneapolis, MN)


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