Business In News
Conn’s HomePlus President and CEO Chandra Holt has stepped down from her position and from the company’s Board, with former President and CEO Norman Miller taking over the position on an interim basis.
Miller led the home goods retailer as President and CEO from September 2015 to August 2021, when Holt took over. He then served as Executive Chairman from August 2021 until April 2022. Miller has been a member of the Board of Directors since September 2015 and will continue to serve as a member of the Board during his latest turn at the helm. Miller is a retail and consumer finance veteran with over 30 years of experience at corporations including Sears, DFC Global Corp, Aramark, Nestle and Kraft.
“Norm’s deep familiarity with Conn’s business model and past successes ensures a seamless transition,” said Bob Martin, Conn’s Lead Independent Director, speaking on behalf of the Board of Directors in a statement. “During his previous tenure, Norm stabilized the company’s retail and credit operations, grew its store footprint, and guided the company profitably through several unprecedented challenges including the global pandemic in 2020 and 2021.”
The company is clearly hoping for some similar magic with Miller’s second turn at the top spot. Like many other retailers, Conn’s has been challenged by the current macroeconomic conditions. The company expects fiscal year 2023 Q3 results, which will be reported in early December, to be down 21% to 23%. This forecast, combined with the shift in leadership, has prompted Conn’s to withdraw its previous fiscal year 2023 financial guidance.
“I am excited to return to Conn’s and help the company reestablish its core customer value proposition,” said Miller in a statement. “Our differentiated credit offerings power a compelling model that we believe is needed now more than ever, as consumers across the country are impacted by record inflation and growing economic uncertainty. We are focused on turning around our financial and operating performance to create lasting value for our customers, communities, team members and shareholders.”