Conn's Completes Board of Directors Succession Plan
THE WOODLANDS, Texas--(BUSINESS WIRE)--
Conn's, Inc. (NASDAQ:CONN), today announced that Norman Miller,
the Company's President and Chief Executive Officer, has been named to
succeed Theodore M. Wright as Chairman of the Board, effective as of the
conclusion of Mr. Wright's current term ending in May 2016.
The appointment of Mr. Miller as Chairman culminates the well-executed
succession process that began in September 2015 with the appointment of
Mr. Miller as the Company's new President and Chief Executive Officer,
and the transition of Mr. Wright to Executive Chairman. On February 1,
2016, Mr. Wright transitioned from Executive Chairman to Non-Executive
Chairman and has served in such capacity since that time.
"We are pleased with the results of the Board's succession plan,
assuring a smooth leadership transition," said Mr. Bob L. Martin, Conn's
Lead Independent Director. "The Board looks forward to Norm's continued
leadership and vision to the future as he positions the Company for
future success and enhanced shareholder value."
Mr. Martin continued, "Theo's knowledge and experience have been
invaluable to the organization, and we will always be grateful for his
contributions, vision and leadership. During his tenure, Theo oversaw
the growth of the business, including the expansion into new markets and
more diversified product offerings for our customers. His commitment and
dedication have helped shape the Company to become what it is today and
position it for future growth and success. We would not be where we are
today without Theo, and are deeply appreciative of his steadfast and
unwavering support. We wish him the best for the future."
Mr. Miller commented, "I am honored to accept this additional
responsibility and look forward to continuing to work closely with the
Board to deliver on Conn's strategic objectives and maximizing returns
to our stockholders."
Mr. Wright said, "It has been a privilege and honor to have been a part
of this organization for 13 years. I am proud of all we have
accomplished, and I believe that the Company is well positioned for the
future under Norm's leadership."
About Conn's, Inc.
Conn's is a specialty retailer currently operating over 100 retail
locations in Arizona, Colorado, Georgia, Louisiana, Mississippi, Nevada,
New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee and
Texas. The Company'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 equipment; and
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 the 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160329005551/en/
S.M. Berger & Company
Andrew Berger, 216-464-6400
Source: Conn's, Inc.
News Provided by Acquire Media
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