Conn’s, Inc. Changes Leadership After Announcing Bleak Revenue Warnings

October 18, 2022  by HFBusiness Staff in Business Strategy, Industry   

“It has been an honor to lead Conn’s and our employees since Aug. 2021 through several challenges in the retail sector and the broader economy. I am proud of the work this dedicated team of over 3,500 strong employees continues to deliver towards growing and serving the Conn’s customers with excellence and thank them for their support during my tenure,” said Ms. Holt.

Conn’s anticipates total revenue for the fiscal year 2023 third quarter to be down 21 to 23 percent due to continued challenging macroeconomic headwinds. They also expect their operating margin to be in the negative mid-single digits. The company is focusing on improving margins and reducing or eliminating unnecessary costs and will provide complete and final third quarter results in early Dec.

“On behalf of the board, I want to thank Chandra for her leadership and her contributions to the company,” said Bob Martin, Conn’s lead independent director on behalf of the board of directors.

Effective immediately, Norman L. Miller will serve as interim president and CEO. Mr. Miller was the company’s former president and chief executive officer from Sept. 2015 to Aug. 2021 and executive chairman from Aug. 2021 until April 2022 and has been a member of the board of directors since Sept. 2015. During his previous tenure, Mr. Miller produced several record setting years of profitable growth.

Mr. Miller stated, “I am excited to return to Conn’s and help the company reestablish its core customer value proposition. Our differentiated credit offerings power a compelling model that we believe is needed now more than ever as consumers across the country are impacted by record inflation and growing economic uncertainty.”