Aaron's says Gilbert Danielson, its CFO since 1990, will become interim CEO Aug. 31

MarketsAssociated Press

Retailer Aaron's said Thursday that longtime Chief Financial Officer Gilbert Danielson will become its interim CEO at the end of August.

Aaron's announced earlier this month that CEO Ronald Allen will retire Aug. 31. The Atlanta company plans to look at internal and external candidates as it looks for a replacement for Allen.

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Danielson, 67, has been the company's CFO since 1990. Allen, 72, has been the company's CEO since February 2012. He is also stepping down from the board of directors, a position he has held since 1997.

Aaron's Inc. sells and leases furniture and accessories and offers flexible payment plans for people with credit problems. It runs about 2,100 stores in the U.S. and Canada, but its low- to middle-income shoppers are still dealing with difficult economic conditions. Vintage Capital Management offered to buy the company earlier this year, but withdrew the offer because of Aaron's continued struggles and its decision to buy Progressive Finance, a lease-to-own furniture seller.