• September 27, 2006

Ailing specialty retailer Sharper Image Corp. removed its founder Richard Thalheimer as chief executive on Tuesday and replaced him with Jerry Levin, a member of a dissident investor group that had threatened to seize control earlier this year. The San Francisco-based company didn't provide an explanation for Thalheimer's abrupt departure after nearly 30 years running the company. The 190-store chain, which is known for high-tech gadgets and other novelty products, has suffered six consecutive quarters of declining sales. The company disclosed earlier this month that an accounting error involving employee stock options will wipe out millions of dollars in past profits. Levin's resume includes stints running Revlon, Coleman Co., and American Household Inc., formerly known as Sunbeam.