HHGregg Inc. said Tuesday that Chief Operating Officer Gregg W. Throgmartin is stepping down, a move that will leave the retailer without executive leadership from a member of its founding family for the first time since its first store opened n 1955.
Throgmartin, 36, has been with the electronics and appliance chain for 13 years and became COO in September 2009. He is leaving the company March 31 to "pursue other interests and manage family businesses," HHGregg said in a prepared statement.
“I want to thank HHGregg for everything the company has meant to both my life and career,” Throgmartin said in the statement. “I believe that the company is in great hands and that the strategic initiatives the company is embarking on will continue to make the company prosperous.”
Throgmartin is the son of former longtime HHGregg CEO Jerry Throgmartin, who died in January 2012 at 57 after 37 years with the company. Jerry Throgmartin's father, Gerald, was with the company from 1966 until the last decade, and his grandfather, Henry Harold Gregg, founded the company.
Gregg Throgmartin earned $750,026 in 2013, according to a company filing.
HHGregg said its board will begin searching for a new COO and that other executives will take on Throgmartin’s responsibilities in the interim.
“We are grateful for Gregg Throgmartin’s service to HHGregg, and while he will be pursuing outside interests and no longer hold an executive position, the Throgmartin family remains a strong supporter of HHGregg," Chief Financial Officer Andy Giesler said in a prepared statement. "We have a seasoned executive management team in place that we have recently expanded with several additions, and we are focused on strategically growing our business and believe we are well-positioned for the future.”
Throgmartin, who could not be reached to elaborate on the reasons for his departure, is the second HHGregg executive to announce his resignation from the company in the past few months.
Jeremy J. Aguilar, HHGregg’s chief financial officer, announced in December that he would leave the company effective Jan. 31. He took a job with Sports Authority this month.
Shares of HHGregg Inc. fell 26 cents, or 3 percent, to $8.46 in morning trading. The stock is down 17 percent in the past year.