La-Z-Boy CFO David Risley Announces Retirement

Furniture World News

La-Z-Boy Incorporated announced that David M. Risley, Senior Vice President and Chief Financial Officer, announced he will retire from La-Z-Boy when the company completes its year-end reporting during the summer period. Risley, 61, joined La-Z-Boy in April 2001 and was instrumental in reshaping the financial functions within the Company. Additionally, as part of the senior management team, he was integral in forming the Company’s current strategy. Louis M. (“Mike”) Riccio, Jr. has been designated to succeed Risley as Chief Financial Officer. La-Z-Boy President and CEO, Kurt Darrow, said, “The Board and I are delighted Mike will succeed David as the CFO. Succession planning has been an increased focus for our company and, as such, Mike will easily make a smooth transition into his new role. He is a seasoned professional with tremendous financial expertise and has made a significant contribution to La-Z-Boy since joining the company. I look forward to working with him more closely as we continue to move La-Z-Boy forward in a dynamic marketplace. At the same time, I would like to extend my gratitude to David, who played a pivotal role in reshaping and setting La-Z-Boy on a new course during his tenure. He will be missed by all and we wish him all the best in his retirement.” In his new role as CFO, Riccio, 43, will be responsible for the Internal Audit Function, Treasury and Risk Management, the Legal and Tax function, Investor Relations, and the Corporate Controller function, which includes internal and external reporting. Riccio joined La-Z-Boy in early 2000 when the company acquired LADD Furniture, Inc. At that time, Riccio was LADD’s Corporate Controller after serving since 1990 in a number of increasingly responsible financial management and accounting positions. Prior to LADD, Riccio worked for the public accounting firm Deloitte & Touche. Currently, Riccio serves as Corporate Controller for La-Z-Boy, a position he was appointed to in February 2002. The company is commencing an outside search for a replacement. Riccio earned a BS in accounting from Elon University and is a CPA. About La-Z-Boy: With annual sales of approximately $2 billion, La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home, as well as for the hospitality, health care and assisted-living industries. The La-Z-Boy Upholstery Group companies are Bauhaus, Centurion, Clayton Marcus, England, La-Z-Boy, and Sam Moore. The La-Z-Boy Casegoods Group companies are American Drew, American of Martinsville, Hammary, Kincaid, Lea and Pennsylvania House. The corporation’s vast proprietary distribution network is dedicated exclusively to selling La-Z-Boy Incorporated products and brands, and includes 336 stand-alone La-Z-Boy Furniture Galleries® stores and 338 La-Z-Boy In-Store Galleries, in addition to in-store gallery programs at the company’s Kincaid, Pennsylvania House, Clayton Marcus, England and Lea operating units. According to industry trade publication In Furniture, the La-Z-Boy Furniture Galleries retail network is North America’s largest single-brand furniture retailer. Additional information is available at http://www.la-z-boy.com/.