Lumber Liquidators Names New CEO, Continues Sales Struggle

Lumber Liquidators named a new CEO as it continues to struggle with sales in the wake of allegations that imported Chinese-made laminate flooring contained high levels of the carcinogen formaldehyde. The Toano, Virginia-based company suspended the sale of all such products made in China this spring, but the CEO Robert Lynch resigned in May. He was replaced temporarily by the company's founder, Thomas D. Sullivan, as acting CEO. Sullivan is now being replaced as CEO by board Chairman John M. Presley, who joined the board in April 2006.