Chromcraft Revington, Inc. Announces Succession in Leadership

Furniture World News

Chromcraft Revington, Inc. announced that the Company and Benjamin M. Anderson-Ray have mutually agreed that Mr. Anderson-Ray will step down as Chairman and Chief Executive Officer and will resign from the board of directors effective as of June 30, 2008. Mr. Anderson-Ray will assume an advisory role with the Company for 90 days following his departure. The Company also announced that, effective July 1, 2008, Ronald H. Butler will become the Company’s Chairman and CEO. Mr. Butler presently is serving as the Company’s lead director and as a member and the chair of the compensation committee of the board of directors. Although he will no longer serve in these capacities when his appointment as Chairman and CEO takes effect, he will continue as a director of the Company. Craig R. Stokely will become the Company’s lead director on July 1, 2008. Mr. Stokely stated, “This change in leadership is the next step in the evolution of our Company toward becoming a consumer and customer focused company with efficient and effective product supply capabilities. For the past three years, our associates have made progress in our efforts to implement this change, shifting toward a focus on simplified operations and developing stronger products and programs which offer excellent value.” Mr. Anderson-Ray stated, “At this time it is appropriate for me to step out of the leadership of the Company to support the ongoing process.” Mr. Stokely additionally stated, “Ron Butler has served on our board of directors since 2004 and has collaborated in the development of the strategies of the Company. He has a strong leadership style and is well qualified to lead the Company during these challenging times in the furniture industry.” Mr. Butler, 58, previously served as the Company’s interim Chairman and is very familiar with the Company’s operations and senior management. Mr. Butler resigned from his position as President and Chief Executive Officer of Pet Resorts, Inc., a privately-held company that builds premium pet boarding, daycare, pet training and grooming facilities, in order to accept the position as the Chairman and CEO of Chromcraft Revington. He has served as an officer of other public companies, including PetSMART where he was the Executive Vice President of Merchandising and Marketing. Mr. Butler holds an MBA degree from Wake Forest University and has served on its business school board for 18 years. Mr. Butler commented, “The Company has made significant changes and has reached important milestones in its efforts to restore profitability. I look forward to working with our management team and board as we continue the transformation of the Company.” Commenting on the change Mr. Stokely stated, “The Board is appreciative of Ben’s efforts and dedication over the last three years. With his resignation to pursue career interests in both for-profit and not-for-profit arenas, we thank him for his contributions.” Chromcraft Revington businesses design, manufacture, source and market residential as well as commercial furniture throughout North America. The Company wholesales its residential furniture products under the CR-Home banner with “Chromcraft,” “Peters-Revington,” “Silver,” “Cochrane” and “Sumter” as brand names. It sells commercial furniture under the “Chromcraft” brand name.