Chairman and Chief Executive Officer Stuart Rose, who could not be reached for comment, took over as president on the same day, the filing states.
Earlier this year, the company announced it had changed the terms of Bearden’s employment contract to include a one-time, $1 million cash bonus for Bearden once Appliance Direct Inc. takes control of 39 REX stores.
More recently, REX has said it plans to exit its appliances and consumer electronics retail business and instead will devote itself to real estate and alternative energy investments.
Bearden, who could not be reached for comment, was named president and chief operating officer of REX in October 2005, to oversee REX’s retail operations, according to a news release issued when he joined the company.
Previously, Bearden had worked as a senior manager for the Panasonic Corp., where he was president and chief operating officer of Panasonic’s National Sales Group, REX executives said.
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