Indianapolis-based appliance and electronics retailer, hhgregg Inc. (NYSE:HGG)
today announced that it will implement the Company’s succession plan
by naming longtime President and Chief Operating Officer Dennis L. May
as the Company’s new President and Chief Executive Officer, effective at
the Company’s Annual Meeting of Shareholders in August. Current Chief
Executive Officer Jerry W. Throgmartin will become Executive Chairman of
the Board and continue to play an important role in shaping the
Company’s vision and strategy. The Company also announced that Chief
Financial Officer Donald J.B. Van der Wiel is leaving to pursue other
opportunities and that it will commence a search for a new Chief
Financial Officer.
“I am very pleased to announce that Dennis will assume the role of
President and CEO, implementing our anticipated succession plan,” said
Mr. Throgmartin. “I have worked closely with Dennis for the past 10
years and have tremendous respect for his abilities and confidence in
his leadership and I look forward to continue working closely with him
in my new role. As a significant shareholder with a family relationship
that dates to the Company’s founding 55 years ago, I am transitioning to
this new role secure in the belief that I can effectively work with
Dennis to continue to foster our unique culture and unmatched focus on
providing superior customer service, while at the same time, maintain a
disciplined, strategic approach to building hhgregg into the future.”
Mr. Throgmartin also stated, “I would also like to sincerely thank Don
for the contributions he has made to the Company and wish him well in
his future endeavors. Don was instrumental in preparing hhgregg for its
initial public offering in 2007 and our successful growth as a public
company. We are fortunate to be making this transition following the
recent completion of a successful quarter, with a strong financial
position and with a deep and experienced finance team in place.”
Dennis L. May joined hhgregg in January 1999, bringing a long history of
video and appliance retail experience with him. During his tenure at
hhgregg, he has worked closely with Jerry W. Throgmartin while serving
as the Company’s Chief Operating Officer. He has played an instrumental
role in helping the Company expand, adding 23 stores over the last
twelve months while maintaining profitability and a dedication to
customer service.
“While the current economic environment remains challenging, I am
excited by the many opportunities that lie ahead,” said Mr. May. “Our
strong brand, unique operating platform and unparalleled commitment to
customer service positions us well for the future and we are dedicated
to executing a strategy that will result in long-term growth and
increased shareholder value. I look forward to continue working with
Jerry in his new role focused on vision and strategy and with our
incredibly talented team of professionals in the field and at the home
office.”
The Board of Directors also announced that it will commence a search for
a new CFO. In the interim, Jeremy J. Aguilar, Vice President,
Controller, will handle the CFO responsibilities while Mr. May will
continue to maintain the COO responsibilities.
CORPORATE OVERVIEW
hhgregg (NYSE: HGG) is a specialty retailer of consumer electronics,
home appliances, mattresses and related services operating under the
names hhgregg® and Fine Lines®. hhgregg currently operates 108 stores in
Alabama, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio,
South Carolina and Tennessee.
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. These statements
may be identified by the use of forward-looking terminology such as
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “potential,” “predict,” “should,” or
“will,” or the negative thereof or other variations thereon or
comparable terminology. In particular, statements about the
expectations, beliefs, plans, objectives, assumptions or future events
or performance of hhgregg, Inc. are forward-looking statements.
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: competition in existing, adjacent and new metropolitan
markets; changes in consumer preferences and demand for the Company’s
products; its ability to effectively manage and monitor its operations,
costs and service quality; its reliance on a small number of suppliers;
rapid inflation or deflation in core product prices; the failure of
manufacturers to introduce new products and technologies; customer
acceptance of new technology; its dependence on the Company’s key
management personnel and its ability to attract and retain qualified
sale’s personnel; its ability to negotiate with its suppliers to provide
product on a timely basis at competitive prices; the identification and
acquisition of suitable sites for its stores and the negotiation of
acceptable leases for those sites; the effect of general and regional
economic and employment conditions on its net sales; fluctuation in
seasonal demand; its ability to maintain its rate of growth and
penetrate new geographic areas; its ability to locate suitable new store
sites; its ability to obtain additional financing and maintain its
credit facilities; its ability to maintain and upgrade its information
technology systems; the effect of a disruption at the Company’s central
distribution centers; changes in cost for print, radio and television
advertising; and changes in trade regulations, currency fluctuations,
the economy in general and prevailing interest rates.
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 Form 10 –
K filed June 3, 2008. 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 time of this news release. Actual
results may differ materially from anticipated results described in
these forward looking statements. 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.
