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h.h.gregg CFO Stepping Down

Indianapolis, Ind.Jeremy Aguilar will step down as chief financial officer of h.h.gregg on Jan. 31.

Aguilar joined the multiregional majap, CE and bedding chain as VP controller in 2005 and was named chief financial officer in 2009. He is leaving for a similar position at an unnamed company.

Aguilar will be succeeded on an interim basis by finance senior VP Andy Geisler while the retailer searches for a permanent chief financial officer.

In a statement, president/CEO Dennis May said: “I would like to thank Jeremy for his leadership and many contributions to h.h.gregg over the past eight years. Jeremy has been an instrumental member of our leadership team and helped support the growth of the company’s store base as we work toward becoming a national retailer. We are fortunate to be making this transition with a deep and experienced finance team in place.”

He added that Geisler “has been and will continue to be an important part of my team” as the chain continues to pursue its business strategies, “and I am confident he will lead the transition effectively.”

In a research note, Janney Montgomery Scott retail analyst David Strasser noted that Aguilar’s departure comes amidst the re-emergence of Best Buy, a more aggressive Walmart, and an ongoing market shift to online shopping, making 2014 a critical year for h.h.gregg as it slows store expansion, ups its e-commerce investment, increases its furniture assortment, adds exercise equipment, and rolls out easy credit offerings.

“Managing costs and promotions to drive profitability will be critical for the new chief financial officer in 2014 while supporting top-line growth amidst competition and a changing retail landscape,” he observed.

Strasser added that Geisler has been “actively involved in the company’s day-to-day operations and has a deep understanding of the business, leading us to believe that the transition effective January 31st will be smooth.”