Lumber Liquidators Announces New CEO
08 November 2016 - 11:20AM
Dow Jones News
Lumber Liquidators Holdings, Inc. said Chief Executive John M.
Presley is resigning and named the flooring retailer's chief
operating officer, Dennis R. Knowles, as his successor.
Mr. Knowles, 52 years old, who has been Lumber Liquidators'
operating chief since March, also will retain that title. His
previous experience included a number of positions starting in 2001
at Lowe's Cos., most recently as the home-improvement retailer's
chief store operations officer.
Mr. Presley, who joined the company as its CEO one year ago, had
been a member of Lumber Liquidators' board since April 2006, and
served as chairman from May 2015 until last November.
The company has continued to feel the pains of an investigation
into the formaldehyde levels in its Chinese-made laminate flooring
begun in 2015. The U.S. Consumer Product Safety Commission ruled
Lumber Liquidators didn't need a full recall of made-in-China
laminate flooring that it sold, since no air-quality tests found
formaldehyde levels above the regulation guideline. However, the
fallout has dragged the company's results, as Lumber Liquidators
agreed to stop selling the laminate wood flooring.
The company in February said Mr. Presley was diagnosed with a
"very treatable form" of leukemia. A person familiar with the
matter said Monday that Mr. Presley's shift from the CEO role
wasn't health-related.
Last month Lumber Liquidators reported an unexpected increase in
quarterly sales and stronger margins, but higher expenses—including
those related to legal woes—continued to weigh on the company's
bottom line.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
November 07, 2016 19:05 ET (00:05 GMT)
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