Beaumont, Texas - Bill Nylin has stepped down as chairman of the board at Conn's.
Nylin will stay on as a board director, and his employment contract has been extended one year to Jan. 31, 2012.
He was succeeded by Theodore Wright, who will serve as a non-executive chairman of the multiregional CE and appliance chain. Wright joined the board as an independent director in 2003, and will not be employed by the company.
Nylin, who holds a doctorate in computer sciences from Purdue University, has variously served as president, COO and executive vice chairman of Conn's. He succeeded Tom Frank as chairman in 2009.
His resignation follows consecutive quarterly losses and sales declines at Conn's.
"We are thankful for Bill's guidance and leadership during the company's growth years and during the recent challenging conditions we have faced," president/CEO Tim Frank said in a statement. "I am personally grateful that he will continue to provide his leadership in the months to come."