Guitar Center announced that its board of directors has named Darrell Webb as the company's new president and CEO, effective immediately. He takes the place of former CEO Mike Pratt who resigned Nov. 17.
Webb was recruited by the board because of his experience across multiple retail businesses, with a particular eye toward capitalizing on the company's growth prospects. Previously, Webb served as chairman and CEO for Sports Authority from 2011 to 2013. Before that, he spent five years as chairman, CEO and president of Jo-Ann Fabric & Craft Stores, during which time the retailer reported record earnings.
"Given Darrell's extraordinary track record of success in growing and leading large, specialty retail companies, we are confident in his abilities to enhance Guitar Center's customer experience and further bolster the company's position as a world-class, omnichannel retailer in one of the most passion-driven retail categories," said David Kaplan, a member of Guitar Center's board of directors and co-founder and senior partner of Ares Management, the controlling shareholder of the retailer since April 2014. Press release