SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 5, 2014

 

 

AARON’S, INC.

(Exact name of Registrant as Specified in its Charter)

 

 

 

Georgia   1-13941   58-0687630

(State or other Jurisdiction of

Incorporation or Organization)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

309 E. Paces Ferry Road, N.E.

Atlanta, Georgia

   30305-2377
(Address of principal executive offices)   (Zip code)

Registrant’s telephone number, including area code: (404) 231-0011

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

On August 5, 2014, Aaron’s, Inc. (the “Company”) and Ronald W. Allen, Chief Executive Officer of the Company, agreed that Mr. Allen will retire from the Company, effective August 31, 2014. Mr. Allen also resigned from the Company’s Board of Directors, effective August 31, 2014. Mr. Allen’s retirement will be treated as a termination without cause under his employment agreement.

The Company’s Board of Directors has begun a search process to identify Mr. Allen’s successor, and has retained Spencer Stuart to assist in the process.

The Company issued a press release, dated August 6, 2014, related to these matters, which is attached hereto as Exhibit 99.1.

 

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

 

(d) Exhibits:

 

Exhibit
No.

   

Description

99.1    Press release dated August 6, 2014.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    AARON’S, INC.
    By:  

/s/ Gilbert L. Danielson

      Gilbert L. Danielson
Date: August 6, 2014       Executive Vice President,
      Chief Financial Officer
EX-99.1

Exhibit 99.1

 

LOGO

Aaron’s, Inc. Announces CEO Ron Allen’s Retirement

ATLANTA (August 6, 2014) — Aaron’s, Inc. (NYSE: AAN), a lease-to-own retailer specializing in the sales and lease ownership of furniture, consumer electronics, home appliances and accessories, announced today that Ronald W. Allen, 72, is retiring as the Company’s Chief Executive Officer and as a member of the Company’s Board of Directors, effective August 31, 2014. The Board has retained Spencer Stuart, a leading executive recruiting firm, to assist in the process of identifying Allen’s successor. The search process will include a full review of both internal and external candidates.

“It has been a privilege to lead the finest associates in the industry, whose commitment, integrity and ingenuity never cease to impress me,” said Allen. “With the plans we have in place to deliver improved results in our core business and the transformational acquisition of the fast-growing virtual RTO Progressive business, I believe that we have a strong platform for long-term growth, and I am confident in the Company’s future. Having served on the Aaron’s Board since 1997 and as CEO since February 2012, I am now looking forward to the next chapter of my life with more time for family and the opportunity to pursue other avenues for my personal and professional growth.”

Ray Robinson, Aaron’s Chairman of the Board of Directors, said, “We want to thank Ron for his commitment and many contributions to Aaron’s, including his role in successfully completing the acquisition of Progressive Finance. Under his leadership, we have strengthened our management team and operating practices and procedures, and believe the corporate infrastructure is now in place to enable Aaron’s to build on its strong foundation for growth. We believe we are well positioned for the future and look forward to identifying a new leader who will leverage the Company’s broad retail footprint, leadership in virtual RTO and strong franchisee relationships to drive results. We wish Ron the best in his future endeavors.”

About Aaron’s, Inc.

Aaron’s, Inc. (NYSE: AAN), a leader in the sales and lease ownership and specialty retailing of furniture, consumer electronics, home appliances and accessories, currently offers its services through more than 2,100 Company-operated and franchised stores in 48 states and Canada. Aaron’s was founded in 1955, is headquartered in Atlanta and has been publicly traded since 1982. For more information, visit www.aarons.com. Aaron’s, Inc. includes the Aarons.com, ShopHomeSmart.com and ProgFinance.com brands. Progressive Finance, a wholly-owned subsidiary and leading virtual lease-to-own company, provides lease-purchase solutions through over 15,000 retail locations in 46 states.

Aaron’s Media Contact:

Garet Hayes

Aaron’s Director of Public Relations

678-402-3863 or garet.hayes@aarons.com