Indianapolis – hhgregg
has received a $40 million insurance proceed following the death last month of Jerry
Throgmartin.
According to a
filing with the Security & Exchange Commission, the payment was related to
a “key man” life insurance policy that the company held on its executive
chairman and former CEO. Of the $40 million, about $600,000 will be paid as
severance to Throgmartin’s personal estate over two years in accordance with
the terms of his employment agreement, and the remaining $39.4 million will be
used by the company for general corporate and working capital purposes. The chain
does not expect to record any tax expense related to the insurance proceeds.
Separately, John
Henry Powell, a former president of Conn’s, died this past Monday at the age of
85. According to The Beaumont Enterprise, the hometown newspaper of Beaumont,
Texas-based appliance, CE and furniture chain, Powell first joined the company
in 1952. Following a stint with the Gulf Store chain, he rejoined Conn’s and succeeded
C.W. Conn, Jr. as president in 1977.
