Aarons 2009 Annual Report Download - page 7

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A major event of 2009 was the change in our corporate
name from Aaron Rents, Inc., to Aaron’s, Inc. This name
change was the natural culmination of the evolution from
our legacy business of furniture rental. Fifty-five years ago
the Company was started with $500 and some folding chairs.
For many years, we grew through expanding our base of
rental stores. By the late 1980s, the marketplace was chang-
ing, and furniture rental had become more of a corporate
relocation business. Aaron’s introduced the concept of sales
and lease ownership in the rental stores in 1987. Since that
time, the sales and lease ownership business has been the
engine of corporate growth. In 2008, the Company sold sub-
stantially all of the assets of its legacy business, then known
as the Aaron’s Corporate Furnishings division. The new
name, Aaron’s, Inc., aligns the corporate name with our store
signage and our marketing images. With the change in the
corporate name, our stock symbols were also changed and
trade as AAN and AAN.A on the New York Stock Exchange.
Several management promotions were made in 2009 in the
Aaron’s Sales & Lease Ownership division. Scott L. Harvey
was promoted to Vice President, Management Development;
Michael C. Bennett was appointed Vice President, Great Lakes
Operations; and Jason M. McFarland was promoted to Vice
President, Mid-American Operations. In addition, Ronald
M. Benedit was appointed Vice President, Operations and
Christy E. Cross Vice President, Sales for the Aaron’s Office
Furniture division.
Through the years, Aaron’s has been active in community
service through ACORP, Aaron’s Community Outreach Pro-
gram. We also have been involved in projects supporting our
military personnel, including the Wounded Warrior program
and the United States Armed Forces Foundation. Recently,
Aaron’s along with Spencer Smith, an owner of 21 Aaron’s
franchised stores, responded to the catastrophic earthquake
in Haiti by donating two solar-powered electric systems to
provide power to sustain two medical centers and 34 treat-
ment tents. Aaron’s is proud of giving back to the communi-
ties we serve and fulfilling its role as a responsible corporate
citizen.
We remain confident that 2010, our 55th year of operation,
will also be one of growth in revenues, earnings, stores, cus-
tomers, and overall performance. We have come a long way
since those early days. Aaron’s has strong operating momen-
tum, a seasoned management team, and outstanding asso-
ciates. As always, our success is a reflection of the loyalty
and support of our shareholders and business partners.
R. Charles Loudermilk, Sr.
Chairman
Robert C. Loudermilk, Jr.
President and Chief Executive Officer