QVC Group reported it has successfully completed its financial restructuring and emerged from the Chapter 11 bankruptcy process, bringing back Mike George to lead the company as interim CEO with the departure of former chief David Rawlinson.
George (pictured above) previously served for almost 16 years as president and CEO of QVC Group, formerly Qurate Retail Group.
In the Chapter 11 process, QVC has reduced debt by more than $5 billion, the company noted, and it now has access to a new $600 million asset-based lending facility led by Strategic Value Partners and Oaktree Capital. Common stock in the reemerged company will trade on the Nasdaq market under the symbol QVCG.
The company also announced the appointment of a new board, composed of eight directors:
- Mike George, board chair and interim CEO;
- David Charles Boone, Michaels Cos. CEO, former interim CEO at Essendant and former CEO at Staples Canada;
- Nicolas Le Bourgeois, former leader of TikTok Shop in the United States and former Amazon executive;
- Jason Lee Horowitz, former global head of marketing and media at Mattel;
- James Marcum, executive chair and former CEO of David’s Bridal;
- Ann Mather, former CFO of Pixar who has served as a board director for Netflix, Alphabet, Airbnb and Pattern Group, and board chair at Bumble;
- Richard Andrew Mayfield, senior advisor at McKinsey and former executive vice president and CFO at Walmart International;
- Jonathan Seth Zinman, managing member at JZ Advisors and former managing director at Silver Point Capital.
QVC’s current executive leadership team will remain in place, the company added.
