La-Z-Boy CFO Announces Retirement
27 September 2017 - 10:45PM
La-Z-Boy Incorporated (NYSE:LZB) today announced that Louis M.
(“Mike”) Riccio Jr., Senior Vice President and Chief Financial
Officer, will retire after the company completes its fiscal 2018
year-end reporting in June of 2018.
Riccio, a 27-year veteran of the furniture
industry, joined La-Z-Boy in early 2000 when the company acquired
LADD Furniture, Inc., and held positions of increasing
responsibility, including that of Corporate Controller, before his
appointment to the CFO post in 2006. His many accomplishments
as CFO include ensuring the company’s compliance with
Sarbanes-Oxley and serving as the executive sponsor for the
implementation of the ERP System throughout all areas of
La-Z-Boy. He has also been actively involved in the company’s
4-4-5 store build-out strategy and M&A activity with respect to
independent La-Z-Boy Furniture Galleries® stores as well as other
entities, including the U.K. business.
Kurt L. Darrow, Chairman, President and Chief
Executive Officer of La-Z-Boy, said, “Mike has played an integral
role in helping to transform La-Z-Boy Incorporated throughout his
tenure with the company which provided meaningful returns to
shareholders. While his contributions to the company are
many, one of the most notable was the work he did to strengthen the
company’s balance sheet following the recession which today leaves
us in a position of great financial flexibility to grow our
business. Additionally, Mike’s rigorous and disciplined
commitment to La-Z-Boy and financial and personal integrity are
unparalleled, and the entire leadership team has been privileged to
work with him. On behalf of our shareholders, our board of
directors, and the company, I would like to thank Mike for his
leadership as our CFO and we wish him all the best in his
retirement.”
Riccio said, “In addition to being rewarding, it
has been an honor to serve La-Z-Boy Incorporated as its Chief
Financial Officer. I have worked with a great team over the
years and we have made significant progress growing the business
profitably. La-Z-Boy is well positioned for the future to
create value for shareholders and I look forward to watching the
company as it evolves and moves through its next growth
phases.”
La-Z-Boy will launch a national search for a
successor who will work with Riccio through a transition
period.
Forward-looking Information
This news release contains, and oral statements
made from time to time by representatives of La‑Z‑Boy may contain,
“forward-looking statements.” With respect to all forward-looking
statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.
Actual results could differ materially from
those we anticipate or project due to a number of factors,
including: (a) changes in consumer confidence and demographics; (b)
the possibility of a recession; (c) changes in the real estate and
credit markets and their effects on our customers, consumers and
suppliers; (d) international political unrest, terrorism or war;
(e) volatility in energy and other commodities prices; (f) the
impact of logistics on imports and exports; (g) tax rate, interest
rate, and currency exchange rate changes; (h) operating factors,
such as supply, labor or distribution disruptions (e.g. port
strikes); (i) changes in legislation or changes in the domestic or
international regulatory environment (including new or
increased duties); (j) adoption of new accounting principles; (k)
fires, severe weather or other natural events such as hurricanes,
earthquakes, flooding, tornadoes and tsunamis; (l) our ability to
procure or transport fabric rolls, leather hides or cut-and-sewn
fabric and leather sets domestically or abroad; (m) information
technology conversions or system failures and our ability to
recover from a system failure; (n) effects of our brand awareness
and marketing programs; (o) the discovery of defects in our
products resulting in delays in manufacturing, recall campaigns,
reputational damage, or increased warranty costs; (p) litigation
arising out of alleged defects in our products; (q) unusual or
significant litigation; (r) our ability to locate new La-Z-Boy
Furniture Galleries® stores (or store owners) and negotiate
favorable lease terms for new or existing locations; (s) the
ability to increase volume through our e-commerce initiatives; (t)
the impact of potential goodwill or intangible asset impairments;
and (u) those matters discussed in Item 1A of our fiscal 2017
Annual Report on Form 10-K and other factors identified from time
to time in our reports filed with the Securities and Exchange
Commission. We undertake no obligation to update or revise any
forward-looking statements, whether to reflect new information or
new developments or for any other reason.
Additional Information
This news release is just one part of La-Z-Boy’s
financial disclosures and should be read in conjunction with other
information filed with the Securities and Exchange Commission,
which is available at:
http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-sec.
Investors and others wishing to be notified of future La-Z-Boy news
releases, SEC filings and quarterly investor conference calls may
sign up at:
http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-alerts&t=&id=&.
Background Information
La-Z-Boy Incorporated is one of the world’s
leading residential furniture producers, marketing furniture for
every room of the home. The La-Z-Boy upholstery segment companies
are England and La-Z-Boy. The casegoods segment consists of three
brands: American Drew, Hammary, and Kincaid. The company-owned
retail segment includes 145 of the 348 La-Z-Boy Furniture
Galleries® stores.
The corporation’s branded distribution network
is dedicated to selling La-Z-Boy Incorporated products and brands,
and includes 348 stand-alone La-Z-Boy Furniture Galleries® stores
and 551 independent Comfort Studio® locations, in addition to
in-store gallery programs for the company’s Kincaid and England
operating units. Additional information is available at
http://www.la-z-boy.com/.
Contact: Kathy
Liebmann (734) 241-2438
kathy.liebmann@la-z-boy.com
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