Indianapolis — hhgregg will promote longtime president/COO Dennis May to president/CEO this summer, while current chairman/CEO Jerry Throgmartin will be named executive chairman.
In addition, the multiregional electronics and appliance chain will begin a search for a new chief financial officer to succeed Donald J.B. Van der Wiel, who is leaving the company.
The chief executive changes will become effective at the retailer’s annual shareholder meeting in August. Under the planned succession strategy, Throgmartin will “continue to play an important role in shaping the company’s vision and strategy,” the chain said.
In a statement, Throgmartin said, “I have worked closely with Dennis for the past 10 years and have tremendous respect for his abilities and confidence in his leadership, and I look forward to continue working closely with him in my new role.”
May joined hhgregg in 1999 from Sun TV & Appliance as executive VP/COO. He was promoted to president in 2003, joined the board in 2005 and played “an instrumental role” in the chain’s rapid expansion, the company said.
“While the current economic environment remains challenging, I am excited by the many opportunities that lie ahead,” May said in a statement. “I look forward to continue working with Jerry in his new role focused on vision and strategy and with our incredibly talented team of professionals in the field and at the home office.”
May will maintain his COO responsibilities, the company said.
Throgmartin also thanked Van der Wiel for his service, which was “instrumental” in preparing hhgregg for its initial public offering in 2007 and its successful growth as a public company, he said.
Jeremy J. Aguilar, the retailer’s VP/controller, will handle his responsibilities on an interim basis until a new chief financial officer is named.