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): February 21, 2012
AARON’S, INC.
(Exact name of Registrant as Specified in its Charter)
Georgia |
1-13941 |
58-0687630 | ||
(State or other Jurisdiction of Incorporation) |
(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. |
As previously reported, on November 4, 2011, the Board of Directors of Aaron’s, Inc. (the “Company”) appointed Board member Ronald W. Allen to serve as interim President and Chief Executive Officer of the Company. On February 21, 2012, the Board appointed Mr. Allen to serve as President and Chief Executive Officer on a non-interim basis. In consideration of Mr. Allen’s agreement to serve in this capacity, his annual salary was increased to $850,000.
Mr. Allen, 70, has served as a Director of the Company since 1997. He was Chairman and Chief Executive Officer of Delta Air Lines, Inc., an international air passenger carrier, from 1987 to 1997. He also served as President of Delta from 1983 to 1987 and from 1993 to 1997, and Chief Operating Officer from 1983 to 1997. He currently serves as Chairman of the Board of Guided Therapeutics, Inc. and as a Director of The Coca-Cola Company, Aircastle Limited and Forward Air Corporation.
| Item 7.01 | Regulation FD Disclosure. |
On February 22, the Company issued a press release announcing the appointment of Mr. Allen as President and Chief Executive Officer. The press release is furnished herewith as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
|
Exhibit No. |
Description | |
| 99.1 | Press Release of the Company, dated February 22, 2012. |
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 | |
| Date: February 27, 2012 |
Gilbert L. Danielson Executive Vice President and Chief Financial Officer |
| Media Contact: | Garet Hayes | |
| ghayes@hopebeckham.com | ||
| Office: 404.604.2602 |
Aaron’s, Inc. Names Ronald W. Allen
President and Chief Executive Officer
ATLANTA, February 22, 2012 – Aaron’s, Inc. (NYSE: AAN), the nation’s leader in the sales and lease ownership and specialty retailing of residential furniture, consumer electronics, home appliances and accessories, today announced that the Board of Directors has elected interim CEO Ronald W. Allen as President and Chief Executive Officer of the Company.
Mr. Allen served as Chairman and Chief Executive Officer of Delta Air Lines from 1987 to 1997, and has been a member of the Aaron’s Board since 1997.
“The Board has worked closely with Ron as interim CEO and believes he has the experience, energy and business acumen to lead Aaron’s into the next era of continued growth and expansion,” said R. Charles Loudermilk, Sr., Chairman of the Board. “Ron has been an active and vital member of our Board of Directors for 15 years. We are quite pleased with his commitment to daily involvement at Aaron’s while offering his guidance and leadership as President and CEO.”
“As a result of the vision and leadership of Charlie and more recently Robin Loudermilk, Aaron’s has grown into the great Company it is today,” said Mr. Allen. “As I reflect on what has made Aaron’s such a great success, it’s clear that Aaron’s 57-year heritage of industry leadership, superior business model and execution, and our experienced and motivated management team and associates are the Company’s greatest assets. I’m pleased to work alongside all of our associates to help millions of customers choose Aaron’s as their specialty retailer of choice.”
ABOUT AARON’S, INC.:
Aaron's, Inc. (NYSE: AAN), the nation's leader in the sales and lease ownership and specialty retailing of residential furniture, consumer electronics, home appliances and accessories, has more than 1,945 Company-operated and franchised stores in 48 states and Canada. Founded in 1955 by entrepreneur R. Charles Loudermilk, Sr. and headquartered in Atlanta, Aaron's has been publicly traded since 1982. For more information, visit www.aaronsinc.com.
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