Lumber Liquidators Appoints New CEO
Lumber Liquidators announced that its current CEO, John M. Presley, is stepping down effective immediately. StreetInsider reports Lumber Liquidators’ board of directors has appointed Dennis R. Knowles, the company's current chief operating officer, to succeed Presley as CEO. Presley is also resigning from the company's board of directors.
Total Retail's Take: It's about time for change at Lumber Liquidators. The last few years have been a struggle for the retailer, brought on by a devastating "60 Minutes" report that revealed Lumber Liquidators was selling flooring with unhealthy levels of formaldehyde. While reports seem to suggest that the company has weathered the storm for the most part, its bankruptcy filing and class-action lawsuits have slowed its path to profitability.