HSN CEO Mindy Grossman leaves for Weight Watchers

  • Signs for push-out forces
  • After almost nine years on the job
  • Laud, praise, words of regret and good wishes for Grossman
  • Responsibilities redistributed
  • Search for a successor
  • Grossman spoke at length and said 110 words

(exechange) — St. Petersburg, Florida, April 26, 2017 — Mindy Grossman, chief executive of HSN, leaves. It is a change at short notice. As announced by HSN, Inc. in a news release and in a regulatory filing published on Wednesday, April 26, 2017, Mindy F. Grossman leaves the post as Chief Executive Officer at the multichannel retailer in a surprising move after almost nine years on the job, effective May 24, 2017.

HSN will undertake a search for a successor.

The position of Chief Executive Officer is currently not filled. For the time being, Mindy Grossman’s responsibilities are redistributed.

Career change

The imminent management change is explained as follows. HSN said: “Mindy Grossman will step down as chief executive officer in order to assume a leadership position with another public company.”

Grossman will be Chief Executive Officer at Weight Watchers

Weight Watchers International, Inc. announced that Mindy Grossman has been appointed President and Chief Executive Officer effective July 2017.

Grossman will also join the Weight Watchers Board of Directors at that time.

Weight Watchers announced the move on Wednesday, April 26, 2017. Weight Watchers is a provider of weight management services.

“Resignation”

HSN said: “On April 21, 2017, Mindy Grossman, Chief Executive Officer and a member of HSN, Inc.’s Board of Directors gave notice of her resignation as Chief Executive Officer and a member of the Board of Directors.  The Board of Directors has accepted her resignation effective May 24, 2017.”

Share price decline

The change follows a decline in the share price of HSN, Inc. since July 2015.

Chaired by Arthur C. Martinez

HSN, Inc. is chaired by Arthur C. Martinez.

Martinez has served as the Chairman of the Board since August 2008.

On the job as CEO since 2008

Grossman has been the Chief Executive Officer of HSN, Inc. since August 20, 2008.

Mindy Grossman is Chief Executive Officer of HSN, Inc. (NASDAQ: HSNI) and a member of the company’s Board of Directors.

She oversees a $4 billion direct to consumer retail portfolio that includes HSN and the Cornerstone portfolio of home and family lifestyle brands.

During her tenure she has positioned HSNi as a leader in boundaryless retail, offering customers a seamless shopping experience across multiple channels – television, catalogue, online and mobile.

Over half of the company’s revenue is now generated through digital commerce.

A 38-year veteran of the retail and apparel industries, Grossman joined IAC, HSNi’s former parent company, in 2006 as CEO of IAC Retail.

In 2008, she took the company public and became the CEO of HSNi.

Since then she has transformed HSN into a lifestyle network offering an exciting array of products, personalities and experiences designed to engage, inform and entertain.

She has pioneered visionary, industry-changing innovations such as Shop by Remote, HSN Arcade and HSN Live and formed unique partnerships with brands such as Disney, Ford and Universal.

She has also reshaped the Cornerstone Brands portfolio by spearheading the digital transformation of the catalogue business.

Prior to joining IAC, she served as a Global Vice President at Nike, Inc., overseeing its $4 billion apparel business.

At Nike, she led the development and growth of the global women’s business and served as co-chair of Nike’s Women’s Leadership Council.

Earlier career highlights include serving as President and CEO of Polo Jeans Company, Vice President of New Business Development at Polo Ralph Lauren Corporation, 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.

In 2014, Grossman was recognized as one of Fast Company’s Most Creative People in Business and Fortune’s Business Person of the Year.

In 2013, Forbes magazine named Grossman one of the world’s 100 most powerful women, an honor she has received three times.

In 2011, she was named Corporate Innovator of the Year at the Ernst & Young Entrepreneur of the Year® Florida Awards.

In both 2010 and 2011, Grossman was ranked by the Financial Times as one of the top 50 women in world business.

Grossman serves as Chairman of the National Retail Federation Board of Directors.

She also serves as Vice Chairman for UNICEF USA and is a member of the Board of Directors of Bloomin’ Brands.

Additionally, Grossman is a member of the U.S. Chamber of Commerce Department’s Digital Economy Board of Advisors.

Grossman will not stand for election at HSN, Inc.’s Annual Meeting of Shareholders to be held on May 24, 2017, and concurrent with her resignation and the Annual Meeting of Shareholders the Board of Directors has decreased the size of the Board to nine.

In the interim, Grossman will work with senior management and the Board to ensure a smooth transition.

Signs for push-out forces

It is not completely certain what forces eventually triggered Mindy Grossman’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 18.2017 ($).