Norman Miller was named Conn's new CEO and president, succeeding Theodore Wright, who will remain on the board of directors as executive chairman.
"Under Theo's leadership, Conn's has delivered a total return to shareholders of approximately 540 percent since his appointment as Chairman in December 2010," said Bob Martin, lead independent director on Conn's board of directors. "He has positioned us well for continued growth and success."
Miller has more than 30 years of transformational business leadership. His appointment comes after a year-long initiative of exploring strategic alternatives to prepare the company for future growth.
Conn's new CEO worked previously for Sears Automotive as president and at DFC Global as COO. He held other leadership positions at Aramark, Nestle, Kraft and Pepsi, including experience in financial services for unbanked and underbanked consumers.
"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," Martin said.
To further the specialty retailer's strategic position, Miller will focus on strengthening oversight of Conn's credit and risk function. He will work closely with the credit risk and compliance committee, which is responsible for reviewing credit risk, underwriting strategy and credit compliance activities.
"This is a business where there is tremendous opportunity to scale once we set the foundation right to support its growth," Miller said. "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." Press Release