Buckhead business legend Charlie Loudermilk is taking another step in handing off leadership of Aaron's, the rent-to-own company that he founded, the Atlanta Journal-Constitution reports.

The article said Loudermilk announced Monday that he will step down as the chairman of the company's board in mid-September to become chairman emeritus.

Loudermilk, who grew up in the community, is also well known for his philanthropic work. He bought and renovated that former Roxy Theater, now known as the Buckhead Theatre.

“I restored a central spot of my boyhood dreams and have, at the same time, contributed something special to Buckhead, which also means a lot to me,” said Loudermilk. 

A park in front of the theater bears his name and a statue that was erected in his honor.

Loudermilk's son, Robin, stepped down as the CEO of Aaron's last year, citing health concerns.

The AJC reported that Aaron's board members and executives were surprised to learn of Charlie Loudermilk's decision.

Here are some previous Patch articles about Charlie Loudermilk and some of his projects in Buckhead:

Video Integration Center Named for Loudermilk Family

Charlie Loudermilk Statue Unveiled in Birthday Surprise

Loudermilk Honored by UNC

Buckhead Theatre marks anniversary

New Aaron's CEO "Excited" About Company's Future