NEW YORK — Michael Hammond, president and chief operating officer of National Media Corp., a Philadelphia-based infomercial production company, has resigned.
His duties will be taken over by James A. Jernigan, vice president of manufacturing, who has been promoted to senior vice president and chief operating officer.
John J. Turchi Jr., the company’s chairman and chief executive officer, will add the title of president.
The company said Hammond left to pursue other interests. Hammond, who previously was president of Revlon North America, could not be reached for comment.
National Media was the object of a takeover by Value Vision, a Minneapolis-based home shopping network and agreed to a merger on March 7. However, Value Vision terminated its offer on April 21 as a result of “inaccuracies in National Media’s representations and warranties in the merger agreement, and adverse regulatory developments involving National Media.”
The following day, National Media filed suit seeking more than $20 million in damages from Value Vision for terminating its tender offer. National Media contends that Value Vision backed out of the deal because it failed to obtain its financing.