WESTLAKE VILLAGE, CA, August 24, 2010 â€” Guitar Center, Inc. announced a management succession plan to be implemented during the fourth quarter of 2010. Under this plan, Greg Trojan, presently President and Chief Operating Officer, will assume the position of Chief Executive Officer. Mr. Trojan will also remain a member of Guitar Centerâ€™s Board of Directors. Marty Albertson, presently Chairman of the Board and Chief Executive Officer, will step down as Chief Executive Officer but will remain as non-executive Chairman of the Board.
Marty Albertson said, â€œI am thrilled to take on the role of non-executive Chairman. This will allow me to pursue many other interests and still contribute to Guitar Center in a strategic capacity. Guitar Center has a tremendous culture and exciting future, and I intend to stay involved in the company.â€?
â€œI asked Greg to join the Guitar Center team nearly three years ago as part of my effort to groom a successor for the CEO role, and my confidence in his ability to successfully lead the company was critical to my decision to change my role at this time. Further, Greg has a thorough knowledge of our culture, values and industry.â€?
Greg Trojan said, â€œI am excited to be assuming the role of Chief Executive Officer at this point in Guitar Centerâ€™s history. With the companyâ€™s strong management team and with the investments we have made in both our infrastructure and our people, we are well positioned to grow online and through our brick and mortar network. Accordingly, we plan on resuming opening new Guitar Center retail stores in 2011.â€?