Lexington Home Brands Announces the Appointment of an Interim CEO

Furniture World News

Lexington Home Brands announced that Mr. Robert ("Bob") Stec will be stepping down from his position as President and CEO of Lexington after a short and smooth transition period. Bob has decided to spend more time with his family, but will continue to be involved with Lexington as an active investor. A national search has been initiated for Bob's replacement. In the interim, Mr. Asher Lepkin has been named Interim CEO and will work with the existing management team to implement the growth strategy begun under Bob Stec's leadership when Lexington was acquired by Sun Capital Partners, Inc. ("Sun Capital") in April 2002. Lexington Home Brands is an affiliated portfolio company of Sun Capital Partners, Inc., a leading private investment firm specializing in leveraged buyouts and investments of market-leading companies. Bob Stec, President and CEO, Lexington Home Brands, stated, "I would like to thank Sun Capital and the management team and employees of Lexington for their support and dedicated effort in re-invigorating one of the most powerful brands in furniture. I look forward to my involvement as an active investor and am pleased that Lexington will continue to develop the strategic operating plan and brand strategy that we have outlined. It is now time to move on to the next phase of my life and focus on family matters." Christopher T. Metz, Managing Director, Sun Capital Partners, Inc., commented, "We would like to thank Bob for his contribution to Lexington and wish him well in his future endeavors. Sun Capital will continue to play a very active role in Lexington's future in supporting the current operating strategy and branded partners. Lexington Home Brands represents the largest, most diversified family of home furnishings brands in the U.S. We take pride in developing brands that represent distinct and diverse styles of living. Just as there are no two consumer tastes or homes exactly alike, each of our brands offers its own distinct look, style, and value. As the industry's style leader, Sun Capital will continue to support and invest in Lexington for its future success." Asher Lepkin, Interim CEO, Lexington Home Brands, has had an extensive management and consulting career in helping companies refocus on strategic objectives and core competencies. Mr. Lepkin's consulting engagements involve a broad range of industries including several multi-national consumer, industrial, and technology brand companies, and others. About Lexington Home Brands: Founded in 1901, Lexington Furniture Industries, Inc., is a leading marketer and manufacturer of upscale branded home furnishings. Lexington's product lines include bedroom, formal and casual dining, home entertainment, home office, youth, upholstered and wicker furniture in a wide range of styles. Its portfolio consists of some of the best consumer brands in the industry, including Bob Timberlake, Tommy Bahama, Nautica Home, Woolrich, Liz Claiborne, and Palmer Home, as well as house brands Lexington and Henry Link Trading Company. Lexington distributes its products through an extensive and ever-growing group of Lexington Home Retailers, independent home furnishings retailers, and designer showrooms in the United States and abroad. About Sun Capital Partners, Inc.: Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 115 companies worldwide with combined sales in excess of $30.0 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, New York, London, and Shenzhen.