A Sharper CEO?
By Staff -- Gifts & Decorative Accessories, 2/19/2008 9:50:00 AM
San Francisco — The Sharper Image Corp. 183-store retail chain named Ron Conway as its CEO on February 14, according to the Associated Press. Conway runs New York-based turnaround firm Conway, Del Genio, Gries & Co. He replaces Steven Lightman after less than a year; Lightman, in turn, replaced Sharper Image chairman Jerry Levin, who held the CEO spot temporarily after founder Richard Thalheimer.Sharper Image stock fell on the news, closing at $1.60 per share on February 15, compared to its opening price of $1.80 on the February 14. However, that’s not a new trend: Sharper Image's stock fell 85 percent since Lightman took over as CEO last April. The company was already troubled when Lightman inherited it: Sharper Image lost a total of $136 million since January 2005, while annual sales fell from $776 million to under $400 million.
Sharper Image gave no reason for Lightman's departure, and according to the AP, company spokesperson Tersh Barber declined to say whether Lightman resigned or was fired, as well as whether he retained his seat on Sharper Image's board.
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