CANFIELD Rainbow CEO, co-founder announces resignation

Rainbow promoted an executive hired in January to chief operating officer.
THE VINDICATOR, YOUNGSTOWN, OHIO
CANFIELD -- Larry Hendricks, chief operating officer and one of the founders of Rainbow Rentals, is leaving the company to pursue his personal interests and perhaps start another business.
Wayland Russell, company chairman and chief executive, said he is disappointed but understands that Hendricks, 46, wants to try something new.
"Larry has been a force in making Rainbow what it is today," Russell said.
Hendricks said he wants to spend more time in his church ministries and in coaching. He coaches sixth-grade basketball and would like to be a high school coach, Russell said.
Hendricks also has some business ventures that he is considering but isn't ready to disclose, Russell said.
Hendricks added that this is a good time to leave the Canfield-based company because it has completed some changes to operations in the past year.
"I believe the management team is positioned very well for success, and they have my full support," he said.
He will retain a 10 percent ownership stake in the company.
Promotion
Effective this week, Rainbow promoted S. Robert Harris to the position of chief operating officer.
Harris began his career as a manager trainee at Remco, a rent-to-own chain, in 1975. He was promoted to positions of increasing responsibility at Remco, including regional manager and vice president of human resources. He was chief operating officer for nearly 10 years until the company was sold to Thorn Americas in 1995.
Harris remained with Thorn for a year, then served as chairman and chief executive of Texas Shamrock Homes, a retailer of manufactured housing, until last year. He joined Rainbow in January as regional supervisor.
"Robert has already made significant contributions to Rainbow, and we're confident that his experience and talent will drive us to greater success," Russell said.
He added, however, that it's difficult for him to see Hendricks leave because they have worked together closely.
Rainbow Rentals was formed in 1986 by Russell, Hendricks, Michael Viveiros, who is company president, and Jason Alford, whom the other partners bought out six years ago.
The men met while working for other rental companies and started Rainbow with six stores. The company now has 119 rent-to-own stores in 13 states.