Dive Brief:
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HSN, Inc., which owns the Home Shopping Network and catalog-based Cornerstone Brands, announced Monday that Rod Little will join the company as chief financial officer effective Jan. 3.
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Little will succeed Judy Schmeling, who was named president of Cornerstone Brands in August and will continue to serve as COO of HSNi.
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Little previously served as EVP and CFO of Elizabeth Arden, Inc., where he was instrumental in a turnaround and oversaw the company’s sale to Revlon, Inc. He has also served as CFO for Procter & Gamble’s global salon professional division, where he also oversaw a turnaround effort.
Dive Insight:
HSNi has been enjoying a turnaround under CEO Mindy Grossman, who has positioned the company to take full advantage of the omni-channel expectations of today’s retail consumer. While the Home Shopping Network is known for its once ground-breaking television retail (a still-thriving channel), the company has expanded online and via augmented reality and gamification as well. But profitability is still a concern.
In his new role, Little will be tasked with steering the company's financials back on track with a focus on maximizing profitability with short-term goals while guiding the company's long-term vision. Little will oversee financial management, such as, accounting, financial planning and analysis, internal audit, treasury, tax, investor relations and media affiliate relations, according to the press release.
Earlier this month, HSNi reported net sales in the third quarter decreased 5%, and digital sales were up just 2%. Net income was $20.2 million, down from $34.2 million in the year ago period, which the company says was impacted by its divestment of apparel brands TravelSmith and Chasing Fireflies.
In a statement regarding his appointment, Little pointed to HSN’s strengths in direct-to-consumer retail, and said that today’s challenging retail times present opportunities. “It’s clear to me that HSNi is committed to harnessing the power of its unique platform to maximize performance and profitability,” he said.