Conn's, Inc., Announces the Appointment of Two New Independent Directors
THE WOODLANDS, Texas--(BUSINESS WIRE)--
Conn's, Inc. (NASDAQ:CONN), a specialty retailer of furniture,
mattresses, home appliances and consumer electronics, and provider of
consumer credit, today announced that James Haworth and Oded Shein have
been appointed as independent directors effective March 22, 2016. Mr.
Haworth and Mr. Shein are filling the vacancies created by the earlier
retirement of Jon Jacoby in May 2015 and the resignation of Scott
Thompson upon his appointment as Chief Executive Officer of Tempur Sealy
International in September 2015.
"Jim and Oded are proven leaders with more than a half century of
combined retail experience," said Theodore M. Wright, Non-Executive
Chairman of the Board, Conn's. "They add even greater depth to our Board
as we continue implementing Conn's strategic plan."
Mr. Haworth - the Chairman of Professional Bull Riders, Inc., since
2012, and its Chief Executive Officer from 2011-2015 - has more than
three decades of retail experience including 20 years at Wal-Mart
Stores, Inc., where he rose through the ranks to Chief Operating Officer
from Assistant Store Manager, and serving as Executive Vice President,
President of Retail Services and Transformation Officer at Sears Holding
Corporation. He was also Founder and President at Business Decisions
Inc., a strategic product-marketing firm, and Chairman, President and
Chief Executive Officer of C.P. Lotus Corp., an investment holding
company with retail interests in China. Mr. Haworth is a graduate of
Central Missouri State University.
Mr. Shein combines more than 20 years of retail leadership with hands-on
credit and risk management experience. He is currently Executive Vice
President and Chief Financial Officer of Stage Stores, Inc., a
Houston-based retailer that operates approximately 830 stores in small-
and mid-sized markets under the Bealls, Goody's, Palais Royal, Peebles
and Stage names. This followed executive-level finance positions at
multi-billion dollar retailers Belk, Inc., and Charming Shoppes, Inc.
Previously, Mr. Shein spent five years in various capacities at Spirit
of America National Bank, a credit card bank owned by Charming Shoppes.
He has a bachelor's degree from Baruch College and an MBA from Columbia
"I am pleased Oded and Jim are joining our Board of Directors and know
they will contribute to Conn's continued growth and evolution," said
Norm Miller, President and Chief Executive Officer, Conn's. "I look
forward to working with them during this exciting time for the Company."
About Conn's, Inc.
Conn's is a specialty retailer currently operating over 100 retail
locations in 12 states: Arizona, Colorado, Georgia,
Louisiana, Mississippi, Nevada, New Mexico, North Carolina,
Oklahoma, South Carolina, Tennessee and Texas.
Conn's primary product categories include:
Furniture and mattress, including furniture and related accessories
for the living room, dining room and bedroom, as well as both
traditional and specialty mattresses;
Home appliance, including refrigerators, freezers, washers, dryers,
dishwashers and ranges;
Consumer electronics, including, LED, OLED, Ultra HD and internet
ready televisions, Blu-ray players, home theater and portable audio
Home office, including computers, printers and accessories.
Additionally, Conn's offers a variety of products on a seasonal basis.
Unlike many of its competitors, Conn's provides flexible in-house credit
options for its customers in addition to third-party financing programs
and third-party rent-to-own payment plans.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that
involve risks and uncertainties. Such forward-looking statements include
information concerning the Company's future financial performance,
business strategy, plans, goals and objectives. Statements containing
the words "anticipate," "believe," "could," "estimate," "expect,"
"intend,' "may," "plan," "project," "should," or the negative of such
terms or other similar expressions are generally forward-looking in
nature and not historical facts. We can give no assurance that such
statements will prove to be correct, and actual results may differ
materially. A wide variety of potential risks, uncertainties, and other
factors could materially affect the Company's ability to achieve the
results either expressed or implied by the Company's forward-looking
statements including, but not limited to: general economic conditions
impacting the Company's customers or potential customers; the Company's
ability to execute periodic securitizations of future originated
customer loans including the sale of any remaining residual equity on
favorable terms; the Company's ability to continue existing customer
financing programs or to offer new customer financing programs; changes
in the delinquency status of the Company's credit portfolio; unfavorable
developments in ongoing litigation; increased regulatory oversight;
higher than anticipated net charge-offs in the credit portfolio; the
success of the Company's planned opening of new stores; technological
and market developments and sales trends for the Company's major product
offerings; the Company's ability to protect against cyber-attacks or
data security breaches and to protect the integrity and security of
individually identifiable data of the Company's customers and employees;
the Company's ability to fund its operations, capital expenditures, debt
repayment and expansion from cash flows from operations, borrowings from
the Company's revolving credit facility, and proceeds from accessing
debt or equity markets; the ability to continue the repurchase program;
and other risks detailed in the Company's most recent SEC reports,
including but not limited to, the Company's Annual Report on Form 10-K
and the Company's Quarterly Reports on Forms 10-Q and 10-Q/A and Current
Reports on Form 8-K. If one or more of these or other risks or
uncertainties materialize (or the consequences of such a development
changes), or should our underlying assumptions prove incorrect, actual
outcomes may vary materially from those reflected in our forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. We disclaim any intention or obligation to update
publicly or revise such statements, whether as a result of new
information, future events or otherwise. All forward-looking statements
attributable to us, or to persons acting on our behalf, are expressly
qualified in their entirety by these cautionary statements. The Company
makes available in the investor relations section of its website at
ir.conns.com updated monthly reports to the holders of its asset-backed
notes. This information reflects the performance of the securitized
portfolio only, in contrast to the financial statements contained
herein, which reflect the performance of all of the Company's
outstanding receivables, including those originated subsequent to those
included in the securitized portfolio. The website and the information
contained on our website are not incorporated in this or any other
document filed with the SEC.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160324006358/en/
S.M. Berger & Company
Andrew Berger, 216-464-6400
Source: Conn's, Inc.
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