A CEO with years of multichannel retail experience is out at beleaguered Sharper Image and is being replaced with a turnaround specialist.
Steven A. Lightman, who had been in the position for less than a year, has been relieved and replaced as CEO by Robert Conway, a founding member of Conway, Del Genio, Gries & Co., effective immediately.
Sharper Image said Conway has over 25 years of experience advising companies on financial and operational issues. The company is looking for help in turning around the business as it continues to report declining sales.
Lightman was president of apparel, food and gift catalog business Crosstown Traders Inc., which he was instrumental in forming. He was also previously an executive at Fingerhut Companies.
For the fiscal year ended Jan. 31, Sharper Image said comparable store sales decreased 13%. Company sales totaled $374.9 million, a decrease of 26% compared to the previous year.