Sharper Image Execs Resign
By Staff -- Gifts and Dec, 11/9/2006 11:52:00 AM
San Francisco — Two more top executives resigned from Sharper Image Corp. Tracy Wan, president and chief operating officer, and Jeff Forgan, chief financial officer, follow founder Richard Thalheimer, who left in September after serving as CEO for 28 years.
Wan served as the company’s president since 1999; her position will be eliminated and her responsibilities assumed by interim chief executive Jerry Levin, who took over as chairman and interim CEO on September 26. "We are actively engaged in developing a plan to restore Sharper Image to growth and profitability, create value for our shareholders and capitalize on our great brand name and strong customer base," said Levin. The company is searching for a permanent CEO , as well as a permanent CFO.
In the meantime, Daniel Nelson, senior vice president, controller and principal accounting officer, was named interim CFO. Forgan will stay on as a consultant for the next four months. This is the second time Forgan has resigned from an executive position at Sharper IMage: in 2004, he left he post of CFO before returning 15 months ago, according to the Associated Press.
Levin joined the board of directors in July at the behest of the New York-based Knightspoint Group, which in March bought a 12.8 percent stake in Sharper Image, and threatened shareholder revolt if the company didn’t change course to reverse seven consecutive quarters of declining sales. Sharper Image agreed to a board makeover in May, removing several members, including Thalheimer’s father, and adding three Knightspoint members, including Levin. Thalheimer, who owns a 22 percent stake in Sharper Image, will retain his seat on the board.
As part of the efforts to reverse the company’s fortunes, Sharper Image previously cut Thalheimer’s salary by half, took voluntary reductions in pay among management team members and directors, cut office and distribution center staff by more than 20 percent and store staff by 12 percent, and cut advertising expenditures, according to RedHerring.com.
Sharper Image is also caught up in the stock options accounting problems that plagued many corporations this year. According to the AP, fixing the errors will wipe out millions of dollars in previously reported profit.
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