Conn’s CEO Norm Miller leaves his post

  • Push-out Score determined
  • After about six years in the position
  • Praise for Miller
  • Chandra Holt taking over
  • Miller will remain as Executive Chairman at Conn’s
  • Miller kept it short and said 49 words

(exechange) — The Woodlands, Texas, August 4, 2021 — Norm Miller, chief executive of Conn’s, leaves his position. As announced by Conn’s Inc. in a news release on Wednesday, August 4, 2021, Norman L. (Norm) Miller leaves his post as chief executive officer at the specialty retailer of furniture and mattresses after about six years in the role, effective August 8, 2021.

Norm Miller’s duties as CEO will be taken over by Chandra Holt, most recently head of the U.S. eCommerce business at Walmart.

The fact that Norm Miller’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

“Drive growth and profitability”

Conn’s did not give an explicit reason for Norm Miller’s departure from the CEO post. Bob L. Martin, lead independent director of Conn’s Board, said: “Chandra is an experienced leader with a proven track record of innovating to drive growth and profitability for multi-billion-dollar retail businesses, along with demonstrated strength in serving today’s omni-channel consumer with leading edge solutions.”

Miller will remain as Executive Chairman at Conn’s

“Ms. Holt succeeds Norm Miller, who will transition to the role of Executive Chairman,” Conn’s said.

Share price decline since September 2015

The announcement follows a decline in Conn’s Inc.’s share price of 18% since September 2015. September 2015 is the month in which Miller’s tenure as CEO began.

In the position of CEO since 2015

Norm Miller became CEO of the Company in 2015.

Norman L. Miller was appointed as the Company’s President and Chief Executive Officer, and to the Company’s Board of Directors, effective September 7, 2015.

Miller was appointed as the Company’s Chairman of the Board in May 2016.

In March 2018, Miller was nominated to serve as chair of the Compliance Committee.

Prior to joining the Company, Miller most recently served as the Senior Vice President and President, Automotive at Sears Holdings, which, during his service, operated over 700 Sears Auto Center locations.

Previously, he served as President and Chief Operating Officer of DFC Global Corp (formerly Dollar Financial Corp) from 2007 to 2014.

Prior to his employment at DFC Global Corp, Miller served as Group President, Sports and Entertainment unit at ARAMARK, where he worked for a decade.

He was named to the role after serving as the President of ARAMARK’s Correctional Services unit from 2002 to 2003.

Miller’s career also includes nine years with Nestle, Kraft General Foods and PepsiCo, serving in management positions in sales, marketing and operations.

Miller received a Bachelor of Science degree from the United States Military Academy at West Point.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the pressure surrounding Norm Miller’s move on a scale of 0 to 10.

exechange reached out to Conn’s and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 32.2021 ($).