La-Z-Boy Board Elects New Chairman

Furniture World News

La-Z-Boy Incorporated announced that its Board of Directors elected James W. Johnston as non-employee Chairman of the Board for a term of one year. Johnston, 67, has been a Director of La-Z-Boy's Board since 1991 and served as the Chairman of the Nominating and Governance Committee and was also a member of the Audit Committee. Johnston succeeds Patrick H. Norton, who retired after serving as Chairman since 1997 and as a Board member since 1981. Norton will become Chairman Emeritus. Johnston, a private investor, also serves as a financial consultant to various public companies and, earlier in his career, worked in financial management for Eastern Airlines and The Boeing Company. In his position as Chairman of the Nominating and Governance Committee, Johnston acted as the Chair for executive sessions of non-employee directors. La-Z-Boy President and CEO Kurt L. Darrow said, "My colleagues on the Board and I are delighted Jim accepted our nomination to become Chairman. Elected with a unanimous vote, Jim brings years of experience to the position and, with great expertise and sound counsel, he will be a strong leader. As a board member for 15 years, Jim established himself early as a leader on the Board, ultimately becoming the Chair of non-employee director executive sessions. With his depth of knowledge of our company, we have great confidence in his ability to work in tandem with management in navigating the changing industry landscape while being a voice for shareholders. We all look forward to working with him in his new role." Johnston is a native of Monroe, Michigan and earned a BBA and an MBA from the University of Michigan. 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 Group companies are Bauhaus, Centurion, Clayton Marcus, England, La-Z-Boy, and Sam Moore. The La-Z-Boy Casegoods Group companies are American Drew, 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 334 stand-alone La-Z-Boy Furniture Galleries(R) stores, of which 68 are company owned, and 315 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/.