Aaron's Inc.AAN announced a host of management changes to its top leadership team, which is headed by Chief Executive Officer ("CEO"), John W. Robinson.
The company announced Gilbert L. Danielson's retirement from the position of Chief Financial Officer ("CFO") by 2016 end. Following his retirement, Danielson will continue working with Aaron's as Executive Vice President, as part of which he will perform the senior advisory role, alongside handling various strategic projects.
Management stated that Aaron's current President, Steve A. Michaels, will replace Danielson as the next CFO, apart from becoming President of the company's Strategic Operations. Consequently, Michaels will oversee various important business functions like information technology, e-commerce, business development, franchising and manufacturing, along with executing the responsibilities of a CFO.
Moving on to the next appointment, the company named Douglas A. Lindsay as President of Aaron's Sales & Lease Ownership. Lindsay, who was formerly working with ACE Cash Express Inc. as Chief Operating Officer ("COO") and Executive Vice President, will now be responsible for marketing, operations, real estate and merchandise as part of his new job. Notably, he will supervise Aaron's store-based operations, consisting of over 1,200 stores operated by the company, with nearly $2 billion in revenues.
Further, Robert W. Kamerschen, who is currently serving as Corporate Secretary, Executive Vice President and General Counsel, will take the position of Chief Administrative Officer. Following this, he will take charge of corporate governance, external affairs, legal, government relations, compliance, risk management, privacy and physical security.
Finally, Aaron's declared Tristan J. Montanero as COO of the company's Sales & Lease Ownership division, taking up the responsibility for operations associated with company-operated stores, field employees and Aaron's HomeSmart segment. Montanero is currently the Senior Vice President of Operations.
While Lindsay will assume his new role on Feb 1, 2016, all other appointments will take effect on Feb 18. Also, with Montanero's exception, all new personnel will report to the company's CEO. Montanero, on the other hand, will work under Lindsay.
Given the new panel's solid industry experience and profound knowledge in areas that are gaining momentum, the company believes that this management team will be an asset, enabling it to grow further and drive success over the long term.
Aaron's currently carries a Zacks Rank #5 (Strong Sell). Better-ranked stocks in the retail sector include Abercrombie & Fitch Co. ANF , with a Zacks Rank #1 (Strong Buy), and Ross Stores Inc. ROST and The Kroger Co. KR , each with a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report