Aarons 2008 Annual Report Download - page 7

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Resiliency, consistency,
adaptability
In a time of economic pressures and challenges,
the ability of Aaron’s to thrive and adapt for
more than half a century stands out as a hallmark
of resiliency. From its beginning in 1955, the
Company has focused on profitable growth, and
since going public in 1982, management has been
dedicated to building shareholder value, quickly
adapting to changing times, and redirecting and
reengineering as necessary for ongoing growth.
Often, a change in executive leadership leads to
a change in corporate culture but not at Aaron’s.
This past year, 2008, marked the transition of
leadership from our founder, Charlie Loudermilk, to
Robin Loudermilk who has served with distinction
in a variety of roles with the Company for over
twenty-five years. Ken Butler, our Chief Operating
Officer, has spearheaded the sales and lease owner-
ship business since inception and has marked his
34th year with the Company. Many of our other key
executives have been part of the Aaron’s team for
15-plus years. The long tenure of top management
ensures that the Aaron’s culture will remain the
bedrock of our success.
Recession-resistant
Despite the sharp downturn in the economy, 2008
was a year of strong operating results for the
Company. With credit tight, consumers turned to
Aaron’s for affordable furnishings. Even in many
regions with the highest rates of unemployment,
Aaron’s achieved continued growth in same store
revenues, confirming the strength of our business
stores
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