Anne Martin-Vachon, president of Evine Live Inc. for four months, has resigned.
Evine, in a Securities and Exchange Commission filing, said Martin-Vachon would receive $251,902 per a separation agreement in effect on Jan. 1.
The company refused to offer any more details on Martin-Vachon’s resignation, citing company policy and employee privacy. A company spokesman said via e-mail that Evine’s CEO, Bob Rosenblatt, “will resume his previous direct reports and once again drive our front of the house operations.”
Evine, which runs a TV shopping network, considered 2018 to be the third year of a three-year turnaround and said the holiday-season results could be a key factor for the company, which saw its stock lose half its value last year.
In August, Eden Prairie-based Evine brought in Martin-Vachon from the Canadian multiplatform e-commerce company Today’s Shopping Choice, where she was credited with a turnaround.
Evine had a tough third quarter, recording a $9.2 million loss. It lost $1.1 million for all of its last fiscal year.
But officials pointed to Martin-Vachon’s appointment, the opening of a new studio and several logistics moves as progress in Evine’s turnaround.
Evine is in third place behind competitors QVC and HSN in the TV shopping network industry.
However, the industry is facing disruption. Qurate Retail group, owner of QVC, bought HSN in a $2 billion deal that closed at the end of last year. There have been a series of shake-ups at HSN, the latest being Miracle Mop founder Joy Mangano leaving the network after two decades. Mangano was called the “queen of HSN” and inspired the movie “Joy” starring Jennifer Lawrence.
In the last few months, the Tampa Bay Tribune reported, Qurate has cut HSN jobs as it combines the two networks. The majority of the 350 cuts were at HSN headquarters in St. Petersburg, Fla., but the company also is laying off all 66 employees of the company Mangano founded and sold to HSN, Ingenious Designs in New York, according to the Tribune. A federally required notice said the unit will close by Feb. 28.