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Sharper Image Ousts Thalheimer, Hires Interim CEO
The founder of troubled specialty retailer Sharper Image has gone, and former Revlon chairman Jerry W. Levin will take over the role of chairman and interim CEO.
Sharper Image’s sales have declined steadily in recent years due to negative publicity surrounding its Ionic Breeze line and a mediocre assortment of merchandise, writes DM News. For the six months ended July 31, for example, Sharper Image’s revenue dropped 24 percent.
Founder Richard Thalheimer formed the company in the 1970s. The Associated Press claims he was ousted by his company’s board of directors, according to Direct Magazine. Levin, who led a group of dissident shareholders and gained a seat on the board of Sharper Image last July, serves as chairman/CEO of JW Levin Partners LLC, which rebuilds branded consumer product and service companies.
Levin has been engaged for a year to address the issues the failing company faces. In the meantime, the board is beginning an immediate search for a permanent CEO.