Furniture Brands International Names Ralph Scozzafava CEO
Furniture World Magazine
Furniture Brands International confirmed the appointment of Ralph Scozzafava as Chief Executive Officer of the Company. The Company also confirmed that Chairman of the Board and former Chief Executive Officer W.G. (Mickey) Holliman will remain as Chairman until May 1, 2008.
Mr. Holliman said, "Ralph and I have worked very closely together over the last six months. We have developed, refined and are beginning to implement a strategy focused on building our brands, winning with the customer, and delivering operational excellence. To do this we have assembled a high-performance leadership team committed to driving results. Ralph brings to Furniture Brands a strong vision and an extraordinary breadth and depth of experience. This company is in good hands."
Mr. Scozzafava commented, "I am honored to be given the opportunity to lead this company, and I thank Mickey Holliman for his many years of dedicated service. Mickey has led this Company through a period of significant transition, and today we are poised for improved growth and profitability with an outstanding strategic plan. I also thank Mickey for his wise counsel since I joined the company, and I look forward to working with him as we continue to implement our plan."
Mr. Scozzafava concluded, "This Company continues to face many challenges, but we also have significant opportunities. We have previously announced a number of important strategic initiatives to address these challenges. In 2008 we will be focused on improving our logistics and supply chain operations across the company and around the globe, building new retail capabilities at Thomasville and Drexel Heritage, and keeping our commitments to the financial community. I continue to believe that these initiatives are the path to realizing success in a difficult industry and to unlocking the maximum amount of shareholder value."
Mr. Scozzafava has served Furniture Brands as Vice-Chairman of the Board and Chief Executive Officer Designate since June 2007. He came to Furniture Brands from his role as Vice President -- Worldwide Commercial Operations of Wm. Wrigley Jr. Company. Mr. Holliman joined Furniture Brands upon the acquisition of Lane Furniture Industries in 1987, and he was elected President and Chief Executive Officer of Furniture Brands in 1996. In 1998 he was named Chairman of the Board.
Upcoming Investor Events: Furniture Brands will announce its fourth quarter and 2007 full year results on Wednesday, January 30, 2008. A conference call will be held to discuss the results at 7:30 a.m. (Central Time) on January 31. That call can be accessed on the company's website at furniturebrands.com under "Investor Info." Access to the call and the release will be archived for one year.
About Furniture Brands: Furniture Brands International (NYSE:FBN) is a vertically integrated operating company that is one of the nation's leading designers, manufacturers, and retailers of home furnishings. With annual sales in excess of $2 billion, it markets through a wide range of retail channels, from mass merchant stores to single-brand and independent dealers to specialized interior designers. Furniture Brands serves its customers through four distinct brand families -- Broyhill, Lane, Thomasville and Drexel Heritage, and a Designer Brands group that includes, Henredon, Pearson, Hickory Chair, Laneventure, and Maitland-Smith.