by Company names Norman Miller as interim president, CEO
THE WOODLANDS, Texas — Conn’s Inc.’s Chandra Holt has stepped down from her position as president and chief executive officer and also has left the company’s board of directors, effective Oct. 18.
The company has named Norman L. Miller as interim president and CEO.
In a statement, Holt said, “It has been an honor to lead Conn’s and our employees since August 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 toward growing and serving the Conn’s customers with excellence and thank them for their support during my tenure.”
Miller was formerly the company’s president and CEO from September 2015 to August 2021 and was executive chairman from August 2021 to April 2022. He also has been a member of the board of directors since September 2015 and will continue to serve on the board.
He has more than 30 years of experience in retail and the consumer finance industry and has previously worked for Sears, DFC Global Corp, Aramark, Nestle and Kraft.
“The board is pleased to welcome Norm back as interim president and chief executive officer,” said Bob Martin, the company’s lead independent director on the board. “Norm’s deep familiarity with Conn’s business model and past successes ensures a seamless transition. During his previous tenure, Norm stabilized the company’s retail and credit operations, grew its store footprint, and guided the company profitably through several unprecedented challenges, including the global pandemic in 2020 and 2021. Norm produced several record-setting years of profitable growth, while serving as president and chief executive officer.”
Martin also thanked Chandra for her “leadership and her contributions to the company.”
Miller said he was pleased to return to the company and help it “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,” he said. “On behalf of Conn’s board of directors and leadership team, we are focused on turning around our financial and operating performance to create lasting value for our customers, communities, team members and shareholders.”
Martin said under Miller’s previous tenure as president and CEO, the company’s operating margins rose from 7% to 12%, which he said helped drive a 40% increase in the company’s book value. E-commerce sales also rose from less than 1% of total revenue to 5%.
“On behalf of the board, we look forward to supporting Norm and Conn’s leadership team as we work together to execute on the company’s growth initiatives,” Martin added.
