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Conn’s, Inc. Announces Selection of Theodore M. Wright as President and Chief Executive Officer

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Conn’s, Inc., a specialty retailer of consumer electronics, home appliances, furniture, mattresses, computers and lawn and garden products announced that the Company’s Board of Directors has appointed Theodore M. Wright to serve as the President and Chief Executive Officer of the Company.

Mr. Wright, the Company’s Chairman, has served as Interim President and Chief Executive Officer since February 28, 2011. Mr. Wright received stock options and restricted stock units that vest ratably over the next three years. In addition to the three-year vesting period, neither the stock options nor the restricted stock units will vest until the Company’s stock price trades for no less than $18.00 per share for 20 consecutive trading days, either before or after the scheduled vesting date. Additionally, the stock options will expire five years from the date of grant.

Mr. Wright commented, “I am excited about the Company’s progress to date and my opportunity to contribute to its success over the long term. I have a strong belief in the business model and the value it can deliver to our customers and shareholders.”

Mr. Wright has served on the Company’s Board of Directors since 2003, and was a member of the Audit Committee and Compensation Committee from 2003 to February 2011. He was elected Chairman of the Board in December 2010. Mr. Wright retired in 2004 as President of Sonic Automotive, Inc., a New York Stock Exchange listed and Fortune 300 automotive retailer. He also served that organization as its Chief Financial Officer from April 1997 through April 2003, and served on that company’s board of directors from 1997 through 2004. Mr. Wright also serves on the board of directors of Titan Machinery, Inc., and is a member of its audit and compensation committees. Mr. Wright received a B.A. from Davidson College.

About Conn’s, Inc.: The Company is a specialty retailer currently operating 70 retail locations in Texas, Louisiana and Oklahoma: with 23 stores in the Houston area, 17 in the Dallas/Fort Worth Metroplex, eight in San Antonio, three in Austin, five in Southeast Texas, one in Corpus Christi, four in South Texas, six in Louisiana and three in Oklahoma. The Company’s primary product categories include:

  • Home appliances, including refrigerators, freezers, washers, dryers, dishwashers and ranges;
    Consumer electronics, including LCD, LED, 3-D, plasma and DLP televisions, camcorders, digital cameras, Blu-ray and DVD players, video game equipment, portable audio, MP3 players and home theater products;
  • Furniture and mattresses, including furniture for the living room, dining room, bedroom and related accessories and mattresses; and
  • Home office, including desktop, notebook, netbook and tablet computers, printers and computer accessories.

Additionally, the Company offers a variety of products on a seasonal basis, including lawn and garden equipment, and continues to introduce additional product categories for the home to help respond to its customers' product needs and to increase same store sales. Unlike many of its competitors, the Company provides flexible in-house credit options for its customers, in addition to third-party financing programs and third-party rent-to-own payment plans. In the last three years, the Company financed, on average, approximately 60% of its retail sales under its in-house financing plan.

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