Hhgregg CEO resigns

Hhgregg (NYSE:HHG) President and CEO Dennis May has left the company, effective immediately. Robert Riesbeck, CFO, was appointed interim president and chief executive officer. Riesbeck will continue to serve as CFO.

Hhgregg has struggled as consumer electronics sales have stalled. Sales fell 10.9 percent for the holiday period as comparable store sales declined 10.8 percent.

"As we previously reported, we did not meet our overall expectations for the quarter due to the competitive pressures in the market, but continue to see the impact from our strategic investments in our transformation plan," said May in the company's third quarter financial report.

Hhgregg has focused on selling furniture and high-end TVs, but much of its efforts include reducing operational costs.

Hhgregg made no changes beyond announcing May's sudden departure. According to Riesbeck, "The hhgregg team and I will be extremely focused on continuing with the execution of our transformation initiatives. I want to assure our employees, customers, vendors and shareholders that we will work together to achieve our company's growth and profitability goals."

For more:
-See this hhgregg press release

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