- Push-out Score determined
- After about a year in the position
- Thanks for Holt
- Norm Miller taking over temporarily
- Holt kept it short and said 59 words
(exechange) — The Woodlands, Texas, October 18, 2022 — Chandra Holt, chief executive of Conn’s, leaves. As announced by Conn’s Inc. in a news release and in a regulatory filing published on Tuesday, October 18, 2022, Chandra Holt has left her post as chief executive officer at the specialty retailer of home goods, after about a year in the role, effective October 17, 2022.
Chandra Holt’s duties as CEO will be taken over temporarily by Norman L. (Norm) Miller, a former Chief Executive Officer at Conn’s Inc., as Interim Chief Executive Officer.
Norm Miller is about 20 years older than Chandra Holt.
“Turning around our financial and operating performance”
Conn’s did not give an explicit reason for Chandra Holt’s departure from the CEO post. Miller said: “On behalf of Conn’s Board of Directors and leadership team, we are focused on turning around our financial and operating performance to create lasting value for our customers, communities, team members, and shareholders.”
Precise information regarding Chandra Holt’s future plans was not immediately available.
“Stepped down”
Conn’s said: “President and Chief Executive Officer Chandra Holt has stepped down from her position and from the Company’s Board effective immediately.”
Conn’s further said: “On October 17, 2022, Conn’s, Inc. (the “Company”) and Chandra Holt, the Company’s Chief Executive Officer and President, agreed that Ms. Holt will step down from her positions as Chief Executive Officer and President of the Company, effective immediately. Ms. Holt has also resigned from her position as a member of the Board of Directors of the Company (the “Board”), effective immediately.”
“Not a result of any disagreement”
“Ms. Holt’s decision is not a result of any disagreement on matters relating to the Company’s operations, policies or practices,” Conn’s said.
Share price decline since August 2021
The announcement follows a decline in Conn’s Inc.’s share price of 65% since August 2021. August 2021 is the month in which Holt’s tenure as CEO began.
In the position of CEO since 2021
Chandra Holt became CEO of the Company in 2021.
Chandra R. Holt was appointed as the Company’s Chief Executive Officer and President, and to the Company’s Board of Directors, effective August 9, 2021.
Prior to joining the Company, Holt most recently served as the Executive Vice President, CMO and CIO at Walmart.com since January 2020.
From August 2018 to January 2020, Holt served as Senior Vice President, COO Samsclub.com.
Holt also served as Senior Vice President, GMM – Grocery of Sam’s Club from May 2017 to August 2018 and as Vice President, Proprietary Brands of Sam’s Club from August 2015 to May 2017.
Previously, Holt held multiple positions with Walgreens (Nasdaq: WBA) and Target (NYSE: TGT).
Holt holds an M.B.A. from Carlson School of Management at the University of Minnesota and a Bachelor of Arts from the University of Minnesota.
At the time of Chandra Holt’s appointment as Chief Executive Officer at Conn’s, Bob L. Martin, then lead independent director of Conn’s Board, had commented: “We are excited to welcome Chandra as Conn’s next Chief Executive Officer. 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. As Conn’s continues to successfully execute on its strategic initiatives, we expect the Company to benefit from Chandra’s modern digital approach to retail and customer centric leadership.”
At the time of Chandra Holt’s appointment as Chief Executive Officer at Conn’s, Martin had further stated: “Today’s announcement is the result of the Board’s succession planning and Norm’s leadership over the past six years. During his tenure as Chief Executive Officer, Norm successfully turned around our financial results, building a disciplined and sophisticated credit platform, refocused our retail strategy and assembled a best-in-class leadership team while driving record profitability. We look forward to Norm’s continued contribution to Conn’s as Executive Chairman as he works with Chandra to drive our customer first growth plan.”
At the time of Chandra Holt’s appointment as Chief Executive Officer at Conn’s, Norm Miller, then Conn’s Chairman, Chief Executive Officer and President, had stated: “Chandra is a proven executive and veteran leader at some of the largest and most sophisticated retailers in the world. She is the right person to lead the Company through the next phase of our growth. I look forward to working closely with Chandra to ensure a seamless transition.”
At the time of her appointment as Chief Executive Officer at Conn’s, Holt had stated: “I am honored to be appointed Chief Executive Officer and President of Conn’s at such an exciting time for the Company. Conn’s enjoys a differentiated value proposition focused on providing consumers with high-quality, name brand products for the home with affordable financing. I believe Conn’s is well-positioned to continue to grow, innovate and capitalize on an enormous market opportunity. I am committed to continuing to serve Conn’s customers through a combination of retail innovation and best-in-class credit offerings, and I am excited to lead Conn’s through the next chapter of the Company’s 131-year history.”
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Chandra Holt’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 43.2022 ($).