Electronics chain hhgregg (NYSE:HHG) has made it official with Robert Riesbeck as its new CEO. Riesbeck has been the interim president and CEO since Dennis May abruptly resigned in February.
Riesbeck had been hhgregg's CFO and will remain in that role until a replacement is found.
Prior to joining hhgregg in 2014, Riesbeck was the operations executive and group CFO at Sun Capital Partners. Before that, he was CFO at Marsh Supermarkets, American Golf Corporation, and held business-unit COO and CFO roles at Nike.
"Over the past six months, we have made progress toward our top company goal of driving sales growth through our focus on appliances, furniture and large, premium television," Riesbeck said in a statement. "The team we put in place over the last 12 months will continue to build on this momentum to achieve our company's growth and profitability goals and drive the long-term shareholder value of hhgregg."
Riesbeck has his work cut out for him – hhgregg saw sales decline 8 percent for the year-ended March 31 on top of an 8.9 percent drop the prior year. Comp-store sales declined 7.7 for the year and 9.2 percent in 2015, as losses continue to pile up.
In addition to efforts to grow the appliance business with added displays in hhgregg stores, the company will open 25-30 appliance-only locations in the next two years under the Fine Lines banner.
These are high-end appliance showrooms connected to hhgregg stores with premium appliance brands including SubZero, Wolf and Viking.
"Our Fine Lines locations have proved to be a strong-performing format and we expect that to continue in the future," said Riesbeck. "We believe our increased appliance footprint will continue to have a favorable impact on the growth and performance of these stores and the company overall. We've recently seen strong momentum in appliances sales, and intend to continue that through the rest of the year and into the holiday season."
The retailer has also launched a new advertising campaign created to reach younger shoppers.
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