Indianapolis-based hhgregg Inc. (NYSE: HGG) has announced President and Chief Executive Officer Dennis May has resigned. The retailer’s board of directors says Chief Financial Officer Robert Riesbeck will take over for May on an interim basis. May has led hhgregg since 2009.
May had been with the company for 17 years and the board of directors says the move, publicly announced Tuesday, was effective immediately.
Riesbeck will continue as CFO and add the responsibilities of president and CEO. He says "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."
Riesbeck came to hhgregg in 2014 after serving as operations executive/group CFO for Sun Capital Partners Inc., a global private equity firm headquartered in Florida. His previous positions include CFO of Indianapolis-based Marsh Supermarkets and American Golf Corp., both Sun Capital portfolio companies. Riesbeck was also a business-unit chief operating officer and CFO Nike Inc.
Last month, the company reported a fiscal third quarter loss of $26.9 million, compared to a loss of $86.8 million during the same period in 2014. The company was moving forward with cost saving measures that May said were nearing the $50 million target by the end of the fiscal year. Amid increasing market competition, the company’s stock value has taken several hits, including a major dip in January after the company announced sales were off by more than 10 percent.
hhgregg currently has 226 stores in 20 states and an online retail presence.