HHGregg adds IndyCar team owner to board

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Indianapolis-based HHGregg Inc. has added IndyCar Series team owner Michael Andretti as a director.

Andretti, 53, serves as chairman, president and CEO of Andretti Autosport, the team he co-founded in 2002 following his racing career.

Andretti’s appointment to the board of the appliance and electronics retailer follows last month’s announcement in which Andretti Autosport signed a three-year deal with HHGregg to be the co-primary sponsor of Marco Andretti’s No. 27 car, as well as a team-wide sponsor across all Andretti Autosport cars, beginning in 2017.

“We’re thrilled to bring Michael onto the HHGregg team because, first and foremost, he has always been a proven winner, both on the track and off," HHGregg CEO Bob Riesbeck said in a written statement. “He embodies everything HHGregg stands for: entrepreneurial spirit, innovative products, focus and determination, and a commitment to excellence that is second to none.”

In adding Andretti as a director, HHGregg expanded its board of directors from nine to 10 members.

Shares of HHGregg opened Wednesday trading at $1.84 each. The stock's share price hit $30 in 2010 but has since plummeted as the firm struggles with online competition, softness in the electronics market and finding the right product mix.

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