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 chairman 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.
Same store sales increased 5.2 percent for the most recent quarter ended Jan. 31.
In a statement, Wright noted that "Tim became CEO during challenging times. He successfully stabilized the credit portfolio and completed an essential refinancing. We are very grateful for Tim's commitment to Conn's during a critical time in the company's history. His hard work, dedication and enthusiasm have been an example for our associates and we wish him great success in his future endeavors."
Stated Frank: "Conn's has represented an incredible opportunity for me and my family. At this time, however, I intend to focus on my desire to pursue entrepreneurial opportunities with earlier growth stage businesses. I am confident in Conn's executive team, including key leaders who have been with the company for many years, and the company's dedicated and customer focused associates."
Wright has served on the audit and compensation committees of Conn's board since 2003 and was elected chairman last December. He retired as president of Sonic Automotive, a Fortune 300 automotive retailer, in 2004.