Rainbow operates 119 locations in 13 states
Zacks currently rates Rainbow Rentals a Hold See ranking
Wayland J. Russell
Chairman and CEO
"...He [Hendricks] will be deeply missed in our offices and our
Rainbow Rentals, Inc. (NASDAQ:RBOW)
today announced the departure of Larry S. Hendricks as chief
operating officer and a director.
Hendricks, one of Rainbow's founders, is leaving to pursue other
personal and business interests.
Larry S. Hendricks
Chief operating officer
"This is a good time for a transition at Rainbow. We have
successfully implemented major changes in the past year that
have begun to generate more favorable results in the past four
months, and the company is in good hands. I believe the
management team is positioned very well for success, and they
have my full support. I'm looking forward to some new business
opportunities, as well as spending more time with some of the
ministries I've supported and pursuing my life-long dream of
"Larry has been a force in making Rainbow what it is today,"
said Wayland J. Russell, chairman and chief executive officer.
"His experience and understanding of the rent-to-own customer
have played a key role in Rainbow's growth as a premier store
operator. He has also been a mentor and friend to his colleagues
on our management team and throughout our company. He will be
deeply missed in our offices and our stores."
Rainbow has promoted S. Robert Harris to the position of chief
operating officer. Harris brings more than 20 years of
rent-to-own experience to Rainbow. He began his career as a
manager trainee at Remco, a rent-to-own chain, in 1975. He was
promoted to positions of increasing responsibility at Remco,
including regional manager and vice president of human
resources, until he became chief operating officer, a position
he held for nearly 10 years, until the company was sold to Thorn
Americas in 1995. Harris remained with Thorn for approximately
one year. From 1996 through 2002, he served as chairman and
chief executive officer of Texas Shamrock Homes, a retailer of
manufactured housing, which he sold prior to joining Rainbow in
January 2003 as regional supervisor.
"Robert has already made significant contributions to Rainbow,
and we're confident that his experience and talent will drive us
to greater success," Russell said. "His understanding of our
industry and history of running $1 million stores fits well with
Rainbow and will help us build on our reputation as a premier
operator of high-volume stores."
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