PRESS
RELEASE
Contact: Clyne Media, Inc.
Tel: (615) 662-1616
Fax: (615) 662-1636
FOR IMMEDIATE
RELEASE
GUITAR CENTER,
INC. ANNOUNCES EXECUTIVE SUCCESSION PLAN
WESTLAKE
VILLAGE, CA, August 24, 2010 — Guitar Center, Inc. today
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 Center’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, “I 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.”
“I
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.”
Greg
Trojan said, “I am excited to be assuming the role of Chief Executive
Officer at this point in Guitar Center’s history. With the company’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.”
About
Guitar Center
Guitar Center is the leading United States retailer of guitars, amplifiers,
percussion, keyboards and pro-audio and recording equipment. Our retail
store subsidiary operates 214 Guitar Center stores across the United
States. In addition, our Music & Arts division operates 95 retail
stores specializing in band and orchestra instruments for sale and rental,
serving teachers, band directors, college professors and students. We
also are the largest direct response retailer of musical instruments
and related products in the United States through our wholly owned subsidiary,
Musician’s Friend, Inc., and its catalogs and owned or operated
websites. More information on Guitar Center can be found by visiting
the Company’s web site at
www.guitarcenter.com.
MEDIA CONTACT: Robert
Clyne, Clyne Media, Inc. at (615) 662-1616