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NOMINATING FRASCH: In a letter to the general counsel at ValueVision Media Inc., The Clinton Group is seeking to remove the majority of the board members at the online shopping site. The slate of six nominees include former Saks Fifth Avenue president and chief merchandising officer Ronald L. Frasch: former Tommy Hilfiger Corp. group president and chief operating officer Robert Rosenblatt; former HSN chief executive officer and former QVC senior vice president Mark C. Bozek, as well as former chairman and ceo of Sony Music Entertainment Thomas D. Mottola. ValueVision’s annual shareholders’ meeting is typically in June.
The hedge fund owns about 5 percent of the outstanding shares of ValueVision, which operates the ShopNBC network that was re-branded ShopHQ. The site sells apparel, jewelry, accessories and beauty items. An individual familiar with Clinton’s thinking said the push for new board members is to bring in individuals who understand the concept of multichannel retailing and the interplay between the Internet, televised shopping and entertainment.