Stanley Announces CEO Transition, Election of Three Vice Presidents for Sales and Director Resignations

Furniture World News Desk on 12/11/2017

Stanley Furniture Company, Inc. recently announced that Glenn Prillaman, President and Chief Executive Officer, has resigned his position at Stanley Furniture. Matthew W. Smith has been elected Interim Chief Executive Officer. Mr. Smith is a managing director with The Finley Group, Inc., an advisory firm providing various services to corporations including interim management support. The Company’s Board of Directors engaged the Finley Group in October 2017 to assist with a potential sale transaction and with working capital management.

The Company also announced that three sales representatives have been elected as Vice Presidents of the Company. Josh Carter has been promoted to Vice President of Sales – Brick & Mortar, John Pigg has been promoted to Vice President of Sales – Interior Design, and Landon Smith has been promoted to Vice President of Sales – E-Commerce.

The Company also announced that Michael P. Haley and Justyn R. Putnam have informed the Company that they plan to resign as directors. Mr. Putnam’s resignation as a director is pursuant to the terms of a share purchase agreement under which the Talanta Fund, L.P. will sell its 740,896 shares of Stanley common stock to the Hale Partnership Fund, L.P. Mr. Putnam serves as investment manager of the general partner of the Talanta Fund, L.P. Steven A. Hale II is the sole manager of the investment manager for the Hale Partnership Fund, L.P. Mr. Putnam’s resignation will be effective upon the closing of the share purchase. Mr. Haley’s resignation will be effective concurrently with Mr. Putnam’s resignation.

Steven A. Hale II, Chairman of the Board, stated “On behalf of the Board, I want to thank Glenn and Mike for their many contributions to Stanley over their long tenure with the Company. We are pleased to have Matt Smith serve as Interim Chief Executive Officer as we move forward with the previously announced proposed sale of substantially all the Company’s assets.”

More about the Stanley Furniture Company: Established in 1924, Stanley Furniture Company, Inc. is a leading design, marketing and overseas sourcing resource in the upscale segment of the wood residential market. The Company offers a diversified product line supported by an overseas sourcing model and markets its brands through the wholesale trade’s network of brick-and-mortar furniture retailers, online retailers and interior designers worldwide, as well as through direct sales to the consumer online. The Company’s common stock is traded on the NASDAQ stock market under the symbol STLY.