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Sharper Image’s CEO steps down

Troubled retailer Sharper Image Corp. on Tuesday said founder Richard Thalheimer has stepped down as chairman and chief executive.
/ Source: Reuters

Troubled retailer Sharper Image Corp. on Tuesday said founder Richard Thalheimer has stepped down as chairman and chief executive.

It named Jerry Levin as chairman and interim CEO and said it was beginning a search for a permanent CEO.

Levin is chairman and CEO of JW Levin Partners LLC, which specializes in the rebuilding of branded consumer product and service companies. He joined the Sharper Image board in July.

Previously, he served as chairman and CEO of American Household Inc., formerly named Sunbeam. Prior to that, he served as CEO of Revlon Inc. and Coleman Co. Inc.

Earlier this month, San Francisco-based Sharper Image said it expected a wider net loss for the fiscal second quarter ended July 31. It also said it would restate results for the last three fiscal years after a review of its stock-option practices.

On September 21, the retailer said it would request a hearing before the Nasdaq Listing Qualifications Panel after receiving a notice it is not in compliance with listing requirements.

The notice was prompted by Sharper Image’s previously announced delay in filing financial statements for the second quarter.