The chief financial officer of Indianapolis-based retailer HHGregg Inc. has resigned, effective Jan. 31, to take a similar position with another firm, the company announced Thursday.
Jeremy J. Aguilar, 39, has been CFO for the electronics and appliances chain since 2009. The company intends to elevate Andrew S. Giesler, senior vice president of finance, to interim CFO, but will also initiate a search for Aguilar’s permanent replacement.
It was not immediately clear where Aguilar plans to work next. He did not return a call from IBJ on Thursday morning.
"I would like to thank Jeremy for his leadership and many contributions to HHGregg over the past eight years,” said President and CEO Dennis May in a prepared statement. “Jeremy has been an instrumental member of our leadership team and helped support the growth of the company's store base as we work toward becoming a national retailer.”
Gregg currently operates 228 stores in 20 states across the eastern half of the U.S.
The firm embarked on an aggressive expansion plan over the last decade, which was slowed by the economic downturn. As the electronics category has cooled, executives have tried to rebalance the stores’ product mix to other home products, such as appliances.
The firm’s strategy appeared to give Wall Street more confidence. HHGregg shares shot up in 2013, rising from $7.27 at the start of the year to as high as $20.75 in September. They since have fallen back to about $15.00.
Shares declined another 3 percent on Thursday morning to $14.50.