Jerry W. Levin
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Jerry W. Levin, born in 1944, is a U.S. businessman.[1]
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[edit] Current career
Sharper Image. Levin is a former Chairman of Sharper Image Corporation, a specialty retailer, a post he stepped into in September 2006. A few months later, he helped oust founder Richard Thalheimer as CEO, who later also resigned as chairman.[2] Levin then served as interim Chief Executive Officer of Sharper Image from September 2006 until April 2007.[3] In that position his compensation was $750,000.[4]
On February 19, 2008, the company filed for Chapter 11 bankruptcy. It blamed low sales, aggravated by a decline in consumer spending and negative publicity surrounding its Ionic Breeze air purifiers.[1]
On April 10, 2008, Levin resigned as a member and Chairman of the Board of the company to pursue participating with other investors to acquire some or all of the company’s businesses or assets.[5] But, as has been pointed out, "Levin hasn't made a lot of money for the investors of Sharper Image he's teamed up with so far, including hedge fund Ramius Capital, which helped bring him in as a director, and Clinton Group, which announced a large stake in December."[6] Under Levin, the company's stock price had fallen from about $40 three years prior to about 23 cents (a "paltry" $3.6 million market capitalization) at the time of his departure, on the over-the-counter pink sheets.[7]
Levin is also Chairman & CEO of JW Levin Partners LLC, a management and investment firm, since February 2005, and Vice Chairman of Clinton Group, a private diversified asset management company, since December 2007.[8]
On February 8, 2008, directly before he announced the Sharper Image bankruptcy filing, JWL Partners Acquisition Corp., a SPAC, or special purpose acquisition company, submitted an IPO filing. The filing showed $200 million proceeds targeted. The underwriting group is listed as Credit Suisse and Ladenburg Thalmann & Co. They have applied to list under the ticker “JWL.U” on the American Stock Exchange. The filing states that the blank check corporation intends to acquire or acquire control of one or more businesses.[9][10]
[edit] Earlier career
Sunbeam; American Household. Levin served as the Chairman and Chief Executive Officer of American Household, Inc. (formerly Sunbeam Corporation), a consumer products company, from June 1998 until January 2005.[11] There, in 1999 his compensation was $3.5 million.[12] Sunbeam went into decline through the 1990s.
Levin failed to turn the company around,[13] and the company filed for bankruptcy protection in 2001. The next year it emerged as a private company under the name American Household, Inc. (AHI).[14] AHI was purchased in September 2004 by the Jarden Corporation, of which it is now a subsidiary [15].
Pillsbury & Revlon. Levin was with the Pillsbury Company, initially as head of corporate development and then as chief executive of several operating units within the company, from 1974 to 1989.[16] Levin was also CEO of Revlon from 1991-97.
[edit] External Links
- Sharper Image biography
- Forbes biography
- Business Week biography
- 1998 Revlon employment contract
- "Sharper Image Chairman Jumps Ship," Forbes, 4/10/08
[edit] References
- ^ Sharper Image files for Chapter 11 bankruptcy protection. Retrieved on 2008-02-20.
| Persondata | |
|---|---|
| NAME | Levin, Jerry W. |
| ALTERNATIVE NAMES | Levin, Jerry |
| SHORT DESCRIPTION | businessman |
| DATE OF BIRTH | 1944 |
| PLACE OF BIRTH | |
| DATE OF DEATH | NA |
| PLACE OF DEATH | NA |
