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Riesbeck, Schuetz And Trahan Out At hhgregg

CEO and two lieutenants have left the building 6/08/2017 11:00:00 AM Eastern

The top guy at hhgregg and two of his senior officers have officially been shown the door.

Former president/CEO Robert Riesbeck was formally terminated on Tuesday, along with chief information officer Tom Schuetz and chief merchandising officer Aaron Trahan.

Riesbeck also resigned his seat on the bankrupt retailer’s board, leaving two directors.

Under terms of his employment agreement, he may be entitled to nearly $2 million in severance pay.

Succeeding him as president/CEO is chief financial officer Kevin Kovacs, who will oversee the company’s wind-down.

According to an 8-K filing by Kovacs with the Securities & Exchange Commission (SEC), “There was no disagreement between any of the individuals and the company on any matter relating to the company’s operations, policies or practices.”

Riesbeck joined hhgregg in 2014 as chief financial officer and assumed the helm of the sinking ship last summer.

See: Riesbeck Has His Work Cut Out For Him

Schuetz, a former Lord & Taylor VP, was brought in in August as part of the new CEO’s reformed management team, which also included a newly promoted Kovacs.

Trahan, previously merchandising VP at Conn’s under his father, former retail president David Trahan, joined hhgregg in January.

The retailer’s years-long decline ended two months later in Chapter 11 bankruptcy, and liquidation in May.

hhgregg’s intellectual assets, including its domain name, website and customer database, will be auctioned off by liquidator Hilco Streambank pending bankruptcy court approval.

The company began terminating its headquarters employees last week in advance of shutting its Indianapolis offices.

 

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