– USA, TX – Conn’s, Inc. (NASDAQ:CONN), today announced that its Board of Directors, implementing a long-planned leadership succession, has appointed Norman Miller to serve as the Company’s new Chief Executive Officer and President, effective September 7, 2015. Mr. Miller will also be elected to the Board of Directors.
Mr. Miller brings over 30 years of transformational business leadership experience to Conn’s, including serving as President of Sears Automotive and as President and Chief Operating Officer of DFC Global Corporation. He also has held progressive management and leadership roles at ARAMARK, Nestle, Kraft and Pepsi. Mr. Miller brings a unique and highly relevant combination of leading businesses with retail models as well as financial services serving unbanked and under-banked consumers. Mr. Miller is a graduate of the United States Military Academy at West Point and began his career as an officer in the U.S. Army.
Mr. Miller’s appointment as Chief Executive Officer and President of Conn’s follows a year-long initiative to explore strategic alternatives and to prepare the Company to execute its growth strategies.
Bob L. Martin, lead independent director on the Conn’s Board, said, “As Conn’s completes a significant repositioning, we expect the Company to derive significant benefits from Norm’s proven ability to deliver deep operational excellence at scale and his significant leadership experience managing larger workforces with a decentralized operating model. He also brings in-depth understanding of the needs of the unbanked consumer and the critical importance of providing great service and value to these consumers.”
As CEO, Mr. Miller will work with senior management and the Board to develop strategies to further strengthen Conn’s strategic position. Key to the role is the ability to strengthen oversight of its credit and risk function, including working with the Credit Risk and Compliance Committee responsible for reviewing credit risk, underwriting strategy and credit compliance activities.
“It is an honor to be selected as the next Conn’s CEO,” said Mr. Miller. “This is a business where there is tremendous opportunity to scale once we set the foundation right to support its growth. Given my own modest beginning in life, I have a deep connection to the purpose of Conn’s mission in serving the unbanked consumer and look forward to leading our like-minded employees while meeting our shareholders’ goals.”
Mr. Miller succeeds Theodore M. Wright, who will remain on the Conn’s Board as Executive Chairman. Mr. Martin commented, “We are deeply appreciative of Theo’s many years of service to Conn’s as a board member and as Chairman and CEO. Under Theo’s leadership, Conn’s has delivered a total return to shareholders of approximately 540% since his appointment as Chairman in December 2010. He has positioned us well for continued growth and success.”
About Conn’s, Inc.
Conn’s is a specialty retailer currently operating approximately 95 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 LCD, LED, 3-D and Ultra HD televisions, Blu-ray players, home theater and portable audio equipment; and
Home office, including computers, printers and accessories.
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