ICTV BRANDS INC. (OTCMKTS:ICTV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 DEPARTURE OF PRINCIPAL OFFICER; APPOINTMENT OF PRINCIPAL OFFICER
On February 20, 2019, Ernest P. Kollias, Jr., the Chief Financial Officer of ICTV Brands Inc. (the “Company”), notified Kelvin Claney, the Company’s Chief Executive Officer and Chairman of the Board of Directors, of Mr. Kollias’ decision to resign from the position of CFO to pursue other opportunities, to his letter dated January 30, 2019 and following subsequent discussions with Mr. Claney relating to Mr. Kollias’ contemplated resignation. Mr. Kollias’ resignation will be effective March 31, 2019 and he will continue to act as the Company’s CFO until that time. After March 31, 2019, Mr. Kollias intends to provide services to the Company as a consultant.
On February 22, 2019, the Board of Directors appointed Craig J. Millman, the Company’s current Vice President of Financial Reporting, as the Company’s interim Chief Financial Officer, effective April 1, 2019, to serve as such until such time as the Board of Directors names a new Chief Financial Officer. The Company will pay Mr. Millman an annual salary of $160,000, a $600 per month allowance for vehicle expenses, and full healthcare benefits. Mr. Millman will also be entitled to 20 days of paid vacation per year and will be eligible to participate in the standard benefits plans offered to similarly situated employees by us from time to time, subject to plan terms and our generally applicable policies.
Mr. Millman, age 57, is a Certified Public Accountant. From 2014-2018, Mr. Millman was the Chief Financial Officer for CBC Settlement Funding, LLC. He is a seasoned financial executive with more than 25 years of experience, holding several positions including CFO, Controller and Director of Finance. Mr. Millman received a Bachelor of Business Administration degree in Accounting from Temple University in 1983 and a Master of Business Administration degree from Villanova University in 1992.
About ICTV BRANDS INC. (OTCMKTS:ICTV)
ICTV Brands, Inc., formerly International Commercial Television, Inc., sells various health, wellness and beauty products, as well as miscellaneous consumer products through a range of sales channels throughout the United States and internationally. The Company’s segments include direct response television (DRTV) Consumer and International Third Party Distributor. It develops, markets and sells products through a multi-channel distribution strategy, including DRTV, digital marketing campaigns, live home shopping, traditional retail and e-commerce market places, and its international third-party distributor network. It offers primarily health, beauty and wellness products, as well as various consumer products, including DermaWand, a skin care device; DermaVital, a skin care line; the CoralActives brand of acne treatment and skin cleansing products; Derma Brilliance, a skin care resurfacing device; Jidue, a facial massager device, and Good Planet Super Solution, a cleaning agent.
