La-Z-Boy Announces Planned Retirement of Otis Sawyer, President, La-Z-Boy Portfolio Brands; Names Tj Linz as Successor
09 December 2022 - 8:15AM
La-Z-Boy Incorporated (NYSE: LZB), a global leader in residential
furniture, today announced the planned retirement of Otis Sawyer,
President, La-Z-Boy Portfolio Brands. Tj Linz, President, La-Z-Boy
Retail, will assume Sawyer’s responsibilities at the end of April
2023, the start of the company’s fiscal 2024 year. Sawyer will
remain with the company through June 2023 to ensure a seamless
transition.
Melinda D. Whittington, President and Chief
Executive Officer of La-Z-Boy Incorporated, said, "As we execute
our Century Vision strategy and position the company for long-term
profitable growth, succession planning plays an integral role in
our business philosophy and management of the company. With
extensive systems expertise and a focus on lean initiatives, Otis
made significant contributions to La-Z-Boy Incorporated throughout
his 29-year tenure. We thank him and wish him all the best in his
well-deserved retirement. At the same time, we are thrilled to
announce that Tj will succeed Otis as President, Portfolio Brands
Division. Under Tj’s leadership using data-driven analytics, our
company-owned Retail business has experienced tremendous profitable
growth. And, he has built a strong and unique culture throughout
the Retail team, which drives exceptional performance and talent
development at all levels. Tj will undoubtedly be equally
successful in his new role as he further refines and develops the
Portfolio Brands business and team.”
Linz said, “I am excited to lead the Portfolio
Brands Division. England’s unique 21-day delivery model for custom
furniture is unparalleled, and our casegoods businesses each serve
a distinct customer base, providing excellent opportunities for
innovative product development and profitable growth. I look
forward to working with the Portfolio Brands team to build upon
these great businesses.”
Linz joined La-Z-Boy Incorporated in 2015 as
Director of Strategy & Analytics, became Director of Retail
Operations & Strategy in 2017, and was named President, Retail
Division in 2019. Prior to joining La-Z-Boy, he was with Deloitte
Consulting LLP for nine years. Linz earned his B.S. in Computer
Engineering from Northwestern University and an MBA from the
University’s Kellogg School of Management.
A search is underway to fill the President,
Retail Division role.
Cautionary Note Regarding
Forward-Looking Statements
This news release contains “forward-looking”
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current
facts. Generally, forward-looking statements include information
concerning expectations, projections or trends relating to our
results of operations, financial results, financial condition,
strategic initiatives and plans, expenses, dividends, share
repurchases, liquidity, use of cash and cash requirements,
borrowing capacity, investments, future economic performance,
business and industry and the effect of the coronavirus (“COVID”)
pandemic on our business operations and financial results.
The forward-looking statements in this press
release are based on certain assumptions and currently available
information and are subject to various risks and uncertainties,
many of which are unforeseeable and beyond our control. Additional
risks and uncertainties that we do not presently know about or that
we currently consider to be immaterial may also affect our business
operations and financial results. Our actual future results and
trends may differ materially depending on a variety of factors,
including, but not limited to, the risks and uncertainties
discussed in our fiscal 2022 Annual Report on Form 10-K and other
factors identified in our reports filed with the Securities and
Exchange Commission (the "SEC"), available on the SEC's website at
www.sec.gov. Given these risks and uncertainties, you should not
rely on forward-looking statements as a prediction of actual
results. We are including this cautionary note to make applicable
and take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 for forward-looking
statements. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events 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 SEC, which is available at:
https://lazboy.gcs-web.com/financial-information/sec-filings.
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: https://lazboy.gcs-web.com/.
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 Wholesale segment includes England,
La-Z-Boy, American Drew®, Hammary®, Kincaid® and the company's
international wholesale and manufacturing businesses. The
company-owned Retail segment includes 169 of the 351 La-Z-Boy
Furniture Galleries® stores. Joybird is an e-commerce retailer and
manufacturer of upholstered furniture.
The corporation’s branded distribution network
is dedicated to selling La-Z-Boy Incorporated products and brands,
and includes 351 stand-alone La-Z-Boy Furniture Galleries® stores
and 526 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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