hhgregg Removes Interim Tag From CEO
Robert Riesbeck is the new chief executive at hhgregg. Riesbeck, who joined the chain in 2014 as chief financial officer, stepped in as interim president/CEO after Dennis May stepped down in February, and soon made it clear he was a contender for the permanent spot. He will continue to serve as chief financial officer until a successor is named.
Total Retail's Take: It's been a struggle as of late for hhgregg — its 2016 fiscal year saw sales decrease 8 percent year-over-year and comparable store sales decrease 7.7 percent year-over-year. Riesbeck has made significant changes in the six months he has served as interim CEO, including shaking up senior management, remodeling stores to better showcase furniture, increased investments in digital, and streamlined logistics and supply chain functions to cut costs. hhgregg's board is betting those changes will bear fruit in its 2017 fiscal year and, in the near term, the holiday shopping season.
Joe Keenan is the executive editor of Total Retail. Joe has more than 10 years experience covering the retail industry, and enjoys profiling innovative companies and people in the space.