Ultimate Electronics Reshuffles Execs

Denver, Major management changes are in store at Ultimate Electronics, which named Mark Wattles, former chief executive at Hollywood Entertainment, as the company’s CEO. Gone are former CEO David Workman; Neal Bobrick, senior VP of sales; and Gerry Demple, senior VP of services. The company also said it garnered final approval of its $118.5 million debtor’s in possession financing by the bankruptcy court.

Other new executives for the company include:

• Bill Besselman, VP of strategic planning and analysis. He was most recently VP of strategic planning and analysis at Hollywood Video.

• Lon Weingart, consultant to the company for approximately six months overseeing operations of the business. Most recently he was senior VP of operations at Hollywood Video.

• Jim Marcum, who joined the company’s board of directors when Mark Wattles became chairman, has been asked by the board to take an active role with respect to the company’s financial operations and restructuring strategy.

Wattles, said, “I am excited to be working with some of the talent that led Hollywood Video through its successful turnaround.”