H.h. gregg Shares Rally Briefly After May’s Departure as CEO
Shares in h.h. gregg rallied by 14 percent in midday trading before retreating Wednesday, a day after the chain said CEO Dennis May was leaving to pursue other opportunities. The stock closed the day 4.2 percent higher at $1.98. The…
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announcement of May's departure, released after the markets had closed Tuesday, named Chief Financial Officer Robert Riesbeck as May’s interim replacement. May’s resignation from h.h.gregg follows the chain’s recent disclosures that same-store CE sales fell 7.9 percent in its holiday quarter, while appliances posted an unexpected 10.4 percent decline that May blamed on a failure to match competitors’ free delivery offers during peak holiday selling (see 1601280034). H.h.gregg shares have lost roughly 88 percent of their value since May took over as CEO in August 2009.