The executive structure is being reorganized at ValueVision Media, a Minneapolis-based a direct response TV, Internet and direct mail marketer, which projects it will report a net loss in the range of $33 million to $35 million for the third quarter ending on Oct. 31. The actual figures will be released on Nov. 9.
ValueVision which owns and operates the TV home shopping show ShopNBC attributes is projected losses to a soft retail market and declining consumer confidence; rising oil prices, loss of some on-air hosts, loss of a major client and the impact of four hurricanes hitting the Southeast.
Richard Barnes the current chief operating officer will be leaving company after assisting with an executive transition that includes the elimination of his position of COO.
Frank Elsenbast has been promoted to vice president of finance and acting chief financial officer. Elsenbast has been with the company since May 2000. He was formerly vice president of financial planning and analysis for the company.
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