Hhgregg Names Riesbeck Permanent CEO
01 Agosto 2016 - 9:40PM
Dow Jones News
Home-electronics and appliance retailer Hhgregg Inc. removed the
interim tag from sitting Chief Executive Officer Robert Riesbeck,
who has served in the position since the resignation of his
predecessor in February.
In becoming the permanent head of the company, Mr. Riesbeck will
relinquish his role as chief financial officer pending the
appointment of a replacement. A timetable for that search hasn't
been given.
Before joining Hhgregg in 2014, Mr. Riesbeck was an operations
executive and group CFO at Sun Capital Partners. Mr. Riesbeck's
appointment doesn't come as a surprise. When he was installed as
interim CEO, company officials said a search for a permanent head
wouldn't be launched.
Mr. Riesbeck's predecessor, Dennis May, resigned suddenly in
February, effective the day of the announcement, by mutual
agreement with the board of directors.
Mr. May outlined an aggressive but ultimately failed expansion
push in 2010 after rival Circuit City Stores folded, leaving
several storefront properties available with cut-rate rents. The
plan would have turned Hhgregg into a nationwide chain with as many
as 600 stores by the end of the decade.
The growth strategy stalled as retail sector continued to
struggle despite a generally improving economy. Electronics stores
suffered especially strong competition from online rivals
undercutting their prices. Hhgregg ended last year with 227 stores
in 20 states, dwarfed by competitor Best Buy Co. which has more
than 1,400 U.S. stores.
In 2014, the Indianapolis company said it was embarking on a
transformation that included new advertising strategies and a shift
from its consumer-electronics focus.
Hhgregg has posted poor results recently as it struggles with
falling sales partly because of plunging television prices and
overall declines in the video category. Sales fell 9.6% last
quarter.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
August 01, 2016 15:25 ET (19:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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