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CORT Chairman and CEO Paul Arnold to Retire

Paul Arnold, chairman and chief executive officer of CORT, announces his retirement on July 1, leaving a 40-year legacy of leadership and pioneering vision which established the world’s largest provider of rental furniture.

Today, CORT is a Berkshire Hathaway company that has served millions of individuals and more than 80 percent of the Fortune 500 companies. CORT is also the nation’s largest tradeshow and event furnishings company, the largest housewares rental company, offers the most comprehensive range of destination services, and boasts the largest global network for furniture rental partners in more than 70 countries.

Jeff Pederson, who has served as CORT’s president since 2006 following two years as chief financial officer, is the new chief executive officer and will continue to serve as president. “There is no doubt that Paul Arnold has established CORT as the leader in the furniture rental industry,” Pederson said. “As he steps into this next chapter, we will miss his leadership and his passion for doing what’s right for the business, customers and CORT employees.”

Since joining CORT in 1972 and serving as CEO for 20 years, Arnold is best known in the industry for growing CORT from four small companies into the market leader in the furniture rental industry through more than 50 acquisitions including Aaron’s Corporate Furnishings Division, Globe Furniture Rental and GSL.

In addition to building the company to more than 2,000 employees with 100 offices and showrooms across the United States and in the United Kingdom, Arnold’s tenure includes leading the company in the development of several high-potential incubator businesses to bolster CORT’s core furniture rental operations. After becoming chairman and CEO in 2000, he successfully led CORT through privatization and acquisition by the Berkshire Hathaway family of companies.

“It has been my pleasure to serve the customers and employees of CORT throughout the years,” said Arnold. “My experience at CORT has been truly rewarding and CORT’s executive team is well positioned to take the company to the next level. With trusted leadership at the helm, I am confident and excited for what the future of CORT and what the company will be able to accomplish.”

About CORT

For more than 40 years, CORT has been the nation’s leading provider of rental furniture with a global network of affiliates in more than 65 countries. CORT, a Berkshire Hathaway company, serves more than 80 percent of the Fortune 500 companies and provides the nation’s most comprehensive range of destination services including area orientation and home finding tours, online apartment search services at www.ApartmentSearch.com, and settling-in services tailored to ensure relocating employees can focus on their work quickly. For more information, please visit www.cort.com.

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