Conn’s, Inc. (NASDAQ: CONN) (“Conn’s” or the
“Company”), a specialty retailer of furniture and
mattresses, home appliances, consumer electronics and home office
products, and provider of consumer credit, today announced it has
appointed Chandra Holt as the Company's new Chief Executive Officer
and President, effective August 9, 2021. She will also
join Conn’s Board of Directors increasing the number of directors
to nine. Ms. Holt’s appointment as Chief Executive Officer and
President of Conn’s follows the Board’s multi-year succession
planning process. Ms. Holt succeeds Norm Miller, who will
transition to the role of Executive Chairman.
Bob L. Martin, lead independent director of Conn's Board,
commented, “We are excited to welcome Chandra as Conn’s next Chief
Executive Officer. Chandra is an experienced leader with a proven
track record of innovating to drive growth and profitability for
multi-billion-dollar retail businesses, along with demonstrated
strength in serving today’s omni-channel consumer with leading edge
solutions. As Conn’s continues to successfully execute on its
strategic initiatives, we expect the Company to benefit from
Chandra’s modern digital approach to retail and customer centric
leadership.”
“Today’s announcement is the result of the Board’s succession
planning and Norm’s leadership over the past six years. During his
tenure as Chief Executive Officer, Norm successfully turned around
our financial results, building a disciplined and sophisticated
credit platform, refocused our retail strategy and assembled a
best-in-class leadership team while driving record profitability.
We look forward to Norm’s continued contribution to Conn’s as
Executive Chairman as he works with Chandra to drive our customer
first growth plan,” continued Mr. Martin.
Norm Miller, Conn's Chairman, Chief Executive Officer and
President, said, “Chandra is a proven executive and veteran leader
at some of the largest and most sophisticated retailers in the
world. She is the right person to lead the Company through the next
phase of our growth. I look forward to working closely with Chandra
to ensure a seamless transition.”
Ms. Holt stated, “I am honored to be appointed Chief Executive
Officer and President of Conn’s at such an exciting time for the
Company. Conn’s enjoys a differentiated value
proposition focused on providing consumers with high-quality, name
brand products for the home with affordable financing. I believe
Conn’s is well-positioned to continue to grow, innovate and
capitalize on an enormous market opportunity. I am committed to
continuing to serve Conn’s customers through a combination of
retail innovation and best-in-class credit offerings, and I am
excited to lead Conn’s through the next chapter of the Company’s
131-year history.”
About Chandra Holt
Most recently, Chandra Holt led Walmart’s multi-billion-dollar
U.S. eCommerce business, delivering over 70% growth in FY21.
Previously, she was the Chief Merchandising and Integration Officer
of Walmart.com where she oversaw the integration of Walmart’s
stores and eCommerce merchandising divisions during Walmart’s first
omni merchandising integration. Before joining Walmart, Ms. Holt
held a variety of positions at Sam’s Club, including as the Chief
Operating Officer of SamsClub.com. Prior to joining Sam’s Club, Ms.
Holt held various leadership roles at Walgreens and Target. Ms.
Holt received a B.A. and an M.B.A. from the University of
Minnesota.
About Conn’s, Inc.
Conn’s is a specialty retailer currently
operating 150+ retail locations in Alabama, Arizona, Colorado,
Florida, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North
Carolina, Oklahoma, South Carolina, Tennessee, Texas and
Virginia.
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, QLED, 4K Ultra HD, and 8K
televisions, gaming products, next generation video game consoles
and 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
lease-to-own payment plans.
This press release contains forward-looking
statements within the meaning of the federal securities laws,
including but not limited to, the Private Securities Litigation
Reform Act of 1995, that involve risks and uncertainties. Such
forward-looking statements include information concerning our
future financial performance, business strategy, plans, goals and
objectives. Statements containing the words “anticipate,”
“believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“project,” “should,” “predict,” “will,” “potential,” or the
negative of such terms or other similar expressions are generally
forward-looking in nature and not historical facts. Such
forward-looking statements are based on our current expectations.
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 our ability to achieve the results either
expressed or implied by our forward-looking statements, including,
but not limited to: general economic conditions impacting our
customers or potential customers; our ability to execute periodic
securitizations of future originated customer loans on favorable
terms; our ability to continue existing customer financing programs
or to offer new customer financing programs; changes in the
delinquency status of our credit portfolio; unfavorable
developments in ongoing litigation; increased regulatory oversight;
higher than anticipated net charge-offs in the credit portfolio;
the success of our planned opening of new stores; technological and
market developments and sales trends for our major product
offerings; our ability to manage effectively the selection of our
major product offerings; our ability to protect against
cyber-attacks or data security breaches and to protect the
integrity and security of individually identifiable data of our
customers and employees; our ability to fund our operations,
capital expenditures, debt repayment and expansion from cash flows
from operations, borrowings from our revolving credit facility, and
proceeds from accessing debt or equity markets; the effects of
epidemics or pandemics, including the COVID-19 outbreak; and other
risks detailed in Part I, Item 1A, Risk Factors, in our Annual
Report on Form 10-K for the fiscal year ended January 31, 2021 and
other reports filed with the Securities and Exchange Commission. 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, or to provide periodic
updates or guidance. All forward-looking statements attributable to
us, or to persons acting on our behalf, are expressly qualified in
their entirety by these cautionary statements.
CONN-G
S.M. Berger & Company
Andrew Berger (216) 464-6400
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