Conn’s Appoints Norman Miller as Chief Executive Officer and President

THE WOODLANDS, Texas–(BUSINESS WIRE)–Conn’s, Inc. (NASDAQ:CONN), today announced that its Board of
Directors, implementing a long-planned leadership succession, has
appointed Norman Miller to serve as the Company’s new Chief Executive
Officer and President, effective September 7, 2015. Mr. Miller will also
be elected to the Board of Directors.

Mr. Miller brings over 30 years of transformational business leadership
experience to Conn’s, including serving as President of Sears Automotive
and as President and Chief Operating Officer of DFC Global Corporation.
He also has held progressive management and leadership roles at ARAMARK,
Nestle, Kraft and Pepsi. Mr. Miller brings a unique and highly relevant
combination of leading businesses with retail models as well as
financial services serving unbanked and under-banked consumers. Mr.
Miller is a graduate of the United States Military Academy at West Point
and began his career as an officer in the U.S. Army.

Mr. Miller’s appointment as Chief Executive Officer and President of
Conn’s follows a year-long initiative to explore strategic alternatives
and to prepare the Company to execute its growth strategies.

Bob L. Martin, lead independent director on the Conn’s Board, said, “As
Conn’s completes a significant repositioning, we expect the Company to
derive significant benefits from Norm’s proven ability to deliver deep
operational excellence at scale and his significant leadership
experience managing larger workforces with a decentralized operating
model. He also brings in-depth understanding of the needs of the
unbanked consumer and the critical importance of providing great service
and value to these consumers.”

As CEO, Mr. Miller will work with senior management and the Board to
develop strategies to further strengthen Conn’s strategic position. Key
to the role is the ability to strengthen oversight of its credit and
risk function, including working with the Credit Risk and Compliance
Committee responsible for reviewing credit risk, underwriting strategy
and credit compliance activities.

“It is an honor to be selected as the next Conn’s CEO,” said Mr. Miller.
“This is a business where there is tremendous opportunity to scale once
we set the foundation right to support its growth. Given my own modest
beginning in life, I have a deep connection to the purpose of Conn’s
mission in serving the unbanked consumer and look forward to leading our
like-minded employees while meeting our shareholders’ goals.”

Mr. Miller succeeds Theodore M. Wright, who will remain on the Conn’s
Board as Executive Chairman. Mr. Martin commented, “We are deeply
appreciative of Theo’s many years of service to Conn’s as a board member
and as Chairman and CEO. Under Theo’s leadership, Conn’s has delivered a
total return to shareholders of approximately 540% since his appointment
as Chairman in December 2010. He has positioned us well for continued
growth and success.”

About Conn’s, Inc.

Conn’s is a specialty retailer currently operating approximately 95
retail locations in Arizona, Colorado, Georgia, Louisiana, Mississippi,
Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee
and Texas.

The Company’s primary product categories include:

  • Furniture and mattress, including furniture and related accessories
    for the living room, dining room and bedroom, as well as both
    traditional and specialty mattresses;
  • Home appliance, including refrigerators, freezers, washers, dryers,
    dishwashers and ranges;
  • Consumer electronics, including LCD, LED, 3-D and Ultra HD
    televisions, Blu-ray players, home theater and portable audio
    equipment; and
  • Home office, including computers, printers and accessories.

Additionally, Conn’s offers a variety of products on a seasonal basis.
Unlike many of its competitors, Conn’s provides flexible in-house credit
options for its customers in addition to third-party financing programs
and third-party rent-to-own payment plans.

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that
involve risks and uncertainties. Such forward-looking statements include
information concerning the Company’s future financial performance,
business strategy, plans, goals and objectives. Statements containing
the words “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “project,” “should,” or the negative of such
terms or other similar expressions are generally forward-looking in
nature and not historical facts. Although we believe that the
expectations, opinions, projections, and comments reflected in these
forward-looking statements are reasonable, we can give no assurance that
such statements will prove to be correct, and actual results may differ
materially. A wide variety of potential risks, uncertainties, and other
factors could materially affect the Company’s ability to achieve the
results either expressed or implied by the Company’s forward-looking
statements including, but not limited to: general economic conditions
impacting the Company’s customers or potential customers; the Company’s
ability to close the securitization of its loan portfolio or to sell the
residual equity on favorable terms, the Company’s ability to execute
periodic securitizations of future originated loans including the sale
of any residual equity on favorable terms; the Company’s ability to
continue existing customer financing programs or to offer new customer
financing programs; changes in the delinquency status of the Company’s
credit portfolio; unfavorable developments in ongoing litigation;
increased regulatory oversight; higher than anticipated net charge-offs
in the credit portfolio; the success of the Company’s planned opening of
new stores; technological and market developments and sales trends for
the Company’s major product offerings; the Company’s ability to protect
against cyber-attacks or data security breaches and to protect the
integrity and security of individually identifiable data of the
Company’s customers and employees; the Company’s ability to fund its
operations, capital expenditures, debt repayment and expansion from cash
flows from operations, borrowings from the Company’s revolving credit
facility, and proceeds from accessing debt or equity markets; and the
other risks detailed in the Company’s most recent SEC reports, including
but not limited to, the Company’s Annual Report on Form 10-K and the
Company’s Quarterly Reports on Form 10-Q and Current Reports on Form
8-K. If one or more of these or other risks or uncertainties materialize
(or the consequences of such a development changes), or should our
underlying assumptions prove incorrect, actual outcomes may vary
materially from those reflected in our forward-looking statements. You
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. We
disclaim any intention or obligation to update publicly or revise such
statements, whether as a result of new information, future events or
otherwise. All forward-looking statements attributable to us, or to
persons acting on our behalf, are expressly qualified in their entirety
by these cautionary statements.

CONN-G

Contacts

S.M. Berger & Company
Andrew Berger, (216) 464-6400