HSN Inc.’s CEO Mindy Grossman resigned today from the TV home-shopping network and e-retailer and will become president and CEO at Weight Watchers International Inc.
Grossman will leave HSNi, No. 28 in the just-released Internet Retailer 2017 Top 1000, May 24 and join Weight Watchers (No. 121) in July. HSNi includes the online and TV retailer HSN, and the Cornerstone brands portfolio, which includes home furnishings retailers Garnet Hill, Frontgate, Ballard Designs, Improvements and Grandin Road.
HSNi is looking for its next CEO. In the interim, three executives will oversee daily operations: Rod Little, chief financial officer; William Brand, chief marketing officer of HSNi and president of HSN; and Judy Schmeling, chief operating officer of HSNi and president of Cornerstone Brands.
HSNi also announced today that net sales for the first quarter 2017, ended March 31, were $785.4 million, a decrease of 4% compared with$816.8 million in the first quarter last year. HSNi will release its complete Q1 financial results on May 3.
In 2016, HSNi generated $1.896 billion in web sales, a 1.3% year-over-year decrease from $1.920 billion in 2015, according to Top500Guide.com. Online sales accounted for 55.0% of total sales in Q4 2016 ended Dec. 31, and web sales accounted for 53.1% of sales for all of 2016.
In contrast, TV shopping and web retailer competitor QVC Group (No. 14) generated $4.05 billion in web sales in 2016, a 5.2% increase from $3.85 billion in 2015, according to Top500Guide.com.
Grossman started at IAC, HSNi’s former parent company, 11 years ago in 2006 as the CEO of IAC Retail. She was part of the executive team that took the company public in 2008 and became CEO of HSNi. Prior to joining the TV shopping and e-retailer, Grossman was the global vice president at Nike Inc. (No. 37), president and CEO of Polo Jeans Co., vice president of new business development at Polo Ralph Lauren Corp., president of Chaps Ralph Lauren, and senior vice president of menswear for Warnaco Inc. She also held senior positions at Tommy Hilfiger and Oxford Industries, and has worked in retail and apparel for 38 years.Favorite