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ENGLEWOOD, CO – QVC Group, Inc. (NASDAQ:QVCGA) announced changes to its Board of Directors, including a reduction in board size from nine to seven members, following the decision of two directors not to seek reelection. The announcement comes as the company faces significant stock volatility, with the share price showing notable weakness over the past year according to InvestingPro data.
On Monday, the company disclosed that Andrea L. Wong has decided not to stand for reelection at the upcoming annual meeting on May 12, 2025. Wong’s departure is not due to any disagreement with the company. John C. Malone, another board member, had previously announced his intention not to seek reelection as well. Despite recent challenges and unprofitability over the last twelve months, InvestingPro analysis indicates that net income is expected to grow this year, with analysts projecting a return to profitability.
In response to the upcoming vacancies, the Board has approved to decrease its size effective immediately after the expiration of Malone’s and Wong’s terms. Richard N. Barton, previously elected as a Class II director, has been redesignated as a Class III director and will stand for election at the 2025 annual meeting to maintain an equal division of directors across the three classes post-reduction.
This information is based on a press release statement filed with the SEC on Tuesday. QVC Group, known for its retail and media commerce, operates under the ticker symbols QVCGA, QVCGB, and QVCGP on The Nasdaq Stock Market LLC. The company’s decision to streamline its board structure follows a trend in corporate governance aimed at enhancing board effectiveness and agility.
In other recent news, Qurate Retail has extended the employment contract of its CEO, David Rawlinson II, through February 28, 2025, as detailed in a recent SEC filing. This extension allows for continued negotiations for a new agreement, with a potential severance payment of $1,000,000 if an agreement is not reached by the end of the term. In another development, Qurate Retail has been granted a 180-day extension by the Nasdaq Stock Market to meet the minimum bid price requirement, with a deadline set for June 9, 2025. The company has indicated its readiness to implement a reverse stock split if necessary to comply with Nasdaq’s standards.
Additionally, Citi has adjusted its price target for Qurate Retail to $0.50 from $0.64, while maintaining a Neutral rating on the stock. This adjustment follows the company’s financial performance, which fell short of Citi’s expectations for revenue and Adjusted OIBDA. Citi’s analysis includes a high-risk classification due to Qurate’s increased leverage and outlines a scenario where the company has an 80% chance of continuing operations with a 20% risk of bankruptcy. These developments highlight the challenges Qurate Retail faces in maintaining its market position and financial stability.
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