Conn’s CEO resigns as retailer faces big revenue drop; interim successor named
The chief executive of Conn’s has left after only 14 months in the role — and been succeeded by the executive she replaced.
The furniture, appliance and electronics retailer said that Chandra Holt has stepped down as president and CEO and from the company’s board, effective immediately. Norman L. Miller, Conn’s former president and CEO, has been named interim president and CEO. He previously served in the role for six years, from 2015 to 2021.
Holt took the reins of Conn’s from Miller in August 2021, joining the company from Walmart, where she had most recently served as executive VP for Walmart U.S. e-commerce. Before Walmart, she held a variety of positions at Sam’s Club, including COO of SamsClub.com. Prior to Sam’s Club, Holt held various leadership roles at Walgreens.
In addition to previously leading the company as CEO, Miller served as Conn’s executive chairman from August 2021 until April 2022. He has been a member of the board since September 2015.
In announcing Holt’s resignation, Conn’s also said that it “remains challenged by macroeconomic headwinds, which is impacting consumer spending and disproportionately affecting year-over-year sales.”
The company said it expects revenues for the fiscal year 2023 third quarter to decline by 21% to 23% and its operating margin for the quarter to be negative mid-single digits. As part of the leadership change, and continued macroeconomic and retail uncertainty, Conn’s has withdrawn its previous fiscal year 2023 financial guidance.
In August, Conn’s opened five store-within-a-store pilot concepts in five Belk department store locations under the name "Conn's x Belk."
[Read More: First Look: Conn’s tests in-store shop concept at five Belk locations]
In a statement, Bob Martin, Conn’s lead independent director, said that Miller’s “deep familiarity” with Conn’s business model and past successes ensures a seamless transition.
“During his previous tenure, Norm stabilized the company’s retail and credit operations, grew its store footprint, and guided the company profitably through several unprecedented challenges including the global pandemic in 2020 and 2021,” Martin said. “Norm produced several record-setting years of profitable growth, while serving as president and CEO.”