ATLANTA -- Ron Allen, 72, will retire as CEO of Aaron's Inc. at the end of August.
The Atlanta-based electronics, appliances and furniture rentals retailer said it hired the Spencer Stuart executive recruiting firm to help identify a new CEO.
"The search process will include a full review of both internal and external candidates," the company said in a statement.
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"It has been a privilege to lead the finest associates in the industry, whose commitment, integrity and ingenuity never cease to impress me," Allen said. "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."
Allen, who was CEO of Delta Air Lines Inc. from 1987 to 1997, remains a director on the board of the The Coca-ColaCo. Allen said he looks 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."
Aaron's has more than 2,100 company-operated and franchised stores in 48 states and Canada. It reported recently its second-quarter profit plummeted to $8.5 million due to the poor performance of its core business.
