NEW YORK – Jerry Levin, former chief executive of Revlon Inc., has been named chairman and interim CEO of Sharper Image Corp. Levin, a Sharper Image director since July 6, succeeds Richard Thalheimer, who is relinquishing those posts following deterioration in the company’s financial performance and the recent disclosure that it needs to restate operating results for the three previous years because of its treatment of stock-option accounting.
Thalheimer will remain on the San Francisco-based company’s board, which said it intends to immediately undertake a search for a permanent CEO with “strong leadership skills, merchandising experience and a history of business success.”
Levin is chairman and CEO of JW Levin Partner LLC, which specializes in the restructuring and reinvigoration of consumer product companies. His firm has been retained for one year in order to address some of Sharper Image’s difficulties.
Following his tenure at Revlon, Levin was chairman and CEO of American Household Inc., previously known as Sunbeam Corp. He also headed The Coleman Co. and, for 15 years beginning in 1974, worked at Pillsbury Co.
Sharper Image had undertaken a number of restructuring moves in recent months, but these were deemed inadequate by Knightspoint Group, which acquired a stake in the firm and had pressed for replacement of SI’s board and the installation of Levin, working in concert with Knightspoint, as chairman, CEO and lead outside director.