ATLANTA (AP) -- The chairman of furniture and appliance rental company Aaron's Inc. will retire in mid-September.
Charles Loudermilk, Sr. will become chairman emeritus once he retires, the company said on Monday.
Loudermilk said in a statement that he started Aaron's in 1955, renting chairs for 10 cents each. The company began as Aaron's Rents, which Loudermilk founded with a partner. The company was renamed Aaron's Inc. in 2009.
"Though it was one of the most difficult decisions I have ever made, the time has come for me to leave the company and focus on personal endeavors that bring me joy," the 85-year-old said.
On Friday Aaron's announced that it was adding another director to its board, the second appointment this month. The company appointed Kathy Betty, an Atlanta businesswoman and former owner of the WNBA Atlanta Dream, as a board member. Earlier this month it named Hubert L. Harris, Jr., former CEO of Invesco North America, to the board.
Aaron's has more than 1,985 company-run and franchised stores in the U.S. and Canada.
Shares of the Atlanta company fell 13 cents to $29.76 in morning trading.