hhgregg Appoints Robert Riesbeck as Interim President and Chief Executive Officer
February 16 2016 - 6:15PM
Business Wire
hhgregg, Inc. (NYSE:HGG) announced today that Dennis L. May will
be leaving his role as President and Chief Executive Officer and as
a Director of hhgregg to pursue other opportunities, effective
immediately. The Board of Directors would like to thank Dennis for
his 17 years of dedicated service to the Company.
In connection with Mr. May’s resignation, Robert Riesbeck, the
Chief Financial Officer of hhgregg, has been appointed Interim
President and Chief Executive Officer. Mr. Riesbeck will continue
to serve as Chief Financial Officer.
Prior to joining hhgregg in 2014, Mr. Riesbeck served as
Operations Executive/Group CFO at Sun Capital Partners, where he
was responsible for financial and operations oversight of a diverse
group of portfolio companies with combined revenues exceeding $5
billion. Prior to that, Mr. Riesbeck was CFO of Marsh Supermarkets.
Prior to this, Mr. Riesbeck was CFO of American Golf Corporation
and also previously held business-unit COO and CFO roles at Nike,
Inc. Mr. Riesbeck began his career with Grant Thornton LLP.
Mr. Riesbeck commented, "The hhgregg team and I will be
extremely focused on continuing with the execution of our
transformation initiatives. I want to assure our employees,
customers, vendors and shareholders that we will work together to
achieve our company's growth and profitability goals."
About hhgregg
hhgregg is an appliance, electronics and furniture retailer that
is committed to providing customers with a truly differentiated
purchase experience through superior customer service,
knowledgeable sales associates and the highest quality product
selections. Founded in 1955, hhgregg is a multi-regional retailer
currently with 226 stores in 20 states that also offers
market-leading global and local brands at value prices nationwide
via hhgregg.com.
Safe Harbor Statement
The following is a Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995:
This press release includes forward-looking statements,
including with respect to the Company's future performance. hhgregg
has based these forward-looking statements on its current
expectations, assumptions, estimates and projections. While hhgregg
believes these expectations, assumptions, estimates and projections
are reasonable, these forward-looking statements are only
predictions and involve known and unknown risks and uncertainties,
many of which are beyond its control. These and other important
factors may cause hhgregg's actual results, performance or
achievements to differ materially from any future results,
performance or achievements expressed or implied by these
forward-looking statements. Some of the key factors that could
cause actual results to differ from hhgregg's expectations are: the
ability to successfully execute its strategies and initiatives,
particularly in the sales mix shift and consumer electronics
category; its ability to maintain a positive brand perception and
recognition; the failure of manufacturers to introduce new products
and technologies; competition in existing, adjacent and new
metropolitan markets; its ability to maintain the security of
customer, associate and Company information; its ability to roll
out new financing offers to customers; its ability to effectively
manage and monitor its operations, costs and service quality; its
ability to maintain and upgrade its information technology systems;
its ability to maintain and develop multi-channel sales and
marketing strategies; competition from internet retailers; its
ability to meet delivery schedules; the effect of general and
regional economic and employment conditions on its net sales; its
ability to attract and retain qualified sales personnel; its
ability to meet financial performance guidance; its ability to
generate sufficient cash flows to recover the fair value of
long-lived assets and recognize deferred tax assets; its reliance
on a small number of suppliers; its ability to negotiate with its
suppliers to provide product on a timely basis at competitive
prices; changes in legal and/or trade regulations, currency
fluctuations and prevailing interest rates and the potential for
litigation.
Other factors that could cause actual results to differ from
those implied by the forward-looking statements in this press
release are more fully described in the "Risk Factors" section in
the Company's Annual Report on Form 10-K filed May 15, 2015. Given
these risks and uncertainties, you are cautioned not to place undue
reliance on these forward-looking statements. The forward-looking
statements included in this press release are made only as of the
date hereof. hhgregg does not undertake, and specifically declines,
any obligation to update any of these statements or to publicly
announce the results of any revisions to any of these statements to
reflect future events or developments.
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version on businesswire.com: http://www.businesswire.com/news/home/20160216006821/en/
hhgregg, Inc.Lance Peterson, 317-848-8710Director, Finance &
Investor Relationsinvestorrelations@hhgregg.com
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