hhgregg Cuts Loose CEO, Other Execs
hhgregg Inc. says it has terminated the employment of three of its last remaining senior executives less than three months after announcing a non-binding buyout offer for the bankrupt retailer fell through. Chief Executive Officer Robert Riesbeck, Chief Information Officer Tom Schuetz and Chief Merchandising Officer Aaron Trahan have all left the company. Chief Financial Officer Kevin Kovacs has been named CEO, CFO and president by the board of directors.
The company filed for bankruptcy in early March and was unable to locate a buyer. The longtime chain has since conducted liquidation sales and closed some 220 stores and distribution centers throughout the country. Thousands of employees lost their jobs, including around 270 at its Indianapolis headquarters.
Riesbeck became CEO in August of 2016, with Kovacs succeeding him as CFO and Schuetz coming on board at the same time. Trahan was named chief merchandising officer in January.
Riesbeck has resigned as a board member, leaving only two on the board of what remains of the company. A filing with the U.S. Securities and Exchange Commission says "there was no disagreement between any of the individuals and the Company on any matter relating to the Company’s operations, policies or practices. Effective June 7, 2017, the Board appointed Kevin J. Kovacs, the Chief Financial Officer of the Company, to serve as the President and Chief Executive Officer of the Company in addition to his role as Chief Financial Officer of the Company, until his resignation or removal."