Beaumont, Texas - Timothy Frank has stepped down as president/CEO of Conn's to pursue other opportunities and has resigned his seat on the retailer's board.

Board director Theodore Wright will serve as interim president/CEO until the company can appoint a permanent successor. A formal search will begin immediately, the chain said.

Frank had held the CEO post since June 2009, and he has been a member of the board of directors since November 2008. He was named president in April 2006, and has previously served as COO, retail senior VP, and various other positions on the retail and credit side of the business since joining Conn's in 1995.

The multiregional CE and appliance chain reported a fiscal third-quarter loss of $7.8 million and a 15.2 percent decline in net sales to $136.8 million for the three months ending Oct. 31. Same-store sales fell 16.3 percent, on top of a 9.3 percent decrease during the year-ago quarter.