Aaron's has tapped EVP and CFO Gilbert L. Danielson as interim CEO, effective following the previously announced retirement of Ronald W. Allen August 31.
The company announced Allen’s intentions to retire just under two weeks after posting disappointing second-quarter results.
While Danielson serves as interim CEO, he will also retain his CFO responsibilities during the interim period and will not be a candidate for the permanent CEO role. The board is working with Spencer Stuart, a leading executive recruiting firm, to assist in the process of identifying Allen's successor. The search process includes a review of both internal and external candidates.
Steve Michaels, president, will continue to implement the company’s plan to improve its core business by generating same-store revenue growth, enhancing its online platform, driving cost efficiencies, moderating new store growth and strengthening the franchise network.
“We are fortunate to have such a seasoned executive in Gil to step into this role on an interim basis while the board continues its search process,” Ray Robinson, chairman of Aaron's board of directors, said. “Having served as the company's CFO for more than 24 years, we are more than confident in Gil's abilities to lead Aaron's during this period and ensure a smooth leadership transition for the benefit of all our stakeholders.”
“I am honored to take on the role of interim CEO at this important time in Aaron's history,” Danielson said. “I am excited to continue to work closely with the board, senior leadership team and Aaron's dedicated and hard-working employees and franchisees as we strive to achieve our business objectives and continue to drive improved results for shareholders.”
Danielson has been CFO at Aaron's since 1990 and its EVP since 1998. Danielson served as VP of finance at Aaron's from 1990 to 1998. He has more than 20 years of experience as an officer and a director of Aaron's. Danielson served as a director of Servidyne (formerly known as Abrams Industries Inc.) from 2000 to 2011.