Dow Jones Newswires -- November 3, 1998 |
NEW YORK (Dow Jones)--K-Tel International Inc. (KTEL) President David Weiner has resigned
to pursue other interests, a company spokesman said.
The spokesman said Weiner will be replaced by Larry Kives. He would not comment on whether
Kives is currently with the company or whether he is related to Philip Kives, K-Tel's chairman and
The spokesman also would not elaborate on Weiner's departure and said the company is currently
preparing a press release on the resignation.
A spokeswoman for K-Tel said Weiner resigned as president in September and no longer works at
She had no comment on why K-Tel did not release the news at that time, but did say she believes the
news became public Tuesday because the company has received a lot of attention after announcing
an alliance with Playboy Enterprises Inc. (PLA) earlier.
In a proxy statement filed with the Securities & Exchange Commission on Oct. 29, K-Tel listed
Lawrence Kieves as the company president.
The filing stated that Kieves is the first cousin once removed of Chairman Philip Kives and that
Kieves joined the company in October 1998. Before joining K-Tel, Kieves was managing director of
EWK Associates, a private company engaged in real-estate development, the filing said.
Kieves is one of three directors to be elected at K-Tel's annual shareholders meeting, which will be
held on Feb. 16, 1999.
K-Tel's new president, Kieves, told Dow Jones that the company had been planning to issue a press
release announcing his predecessor's departure as well as his own appointment, but had not gotten
around to it yet.
"We should have put it out... but we weren't trying to hide anything," he said, stressing that he joined
the company only three weeks ago. "It just took a little bit of time to get it out."
The company plans to issue the release later Tuesday since the news became public earlier after
K-Tel's shares soared on the company's announced plans to develop a co-branded online music
store with Playboy.
Kieves would not comment on why Weiner left K-Tel.