Hhgregg Names CFO Robert Riesbeck As CEO

Hhgregg, Inc. (NYSE: HGG) announced on Tuesday that its President and CEO, Dennis L. May, has stepped down from his role to "pursue other opportunities", effective immediately.

May has been with the company for 17 years and will also give up his board seat. The departing executive will be replaced by Hhgregg's current Chief Financial Officer Robert Riesbeck, who will serve as interim CEO and President while also fulfilling his duties as CFO.

Riesbeck commented, "The hhgregg team and I will be extremely focused on continuing with the execution of our transformation initiatives. I want to assure our employees, customers, vendors and shareholders that we will work together to achieve our company's growth and profitability goals."

Shares of Hhgregg showed no trades early Wednesday morning, but have lost nearly 50 percent since the start of 2016 and more than 70 percent over the past year.