Lumber Liquidators CEO resigns

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Lumber Liquidators CEO resigns

By HBSDealer Staff - 02/06/2020
Lumber Liquidators reported that Dennis Knowles has resigned as president and CEO and as a member of the company’s board of directors.

Knowles departure from the company was effective Feb. 5.

The specialty flooring retailer’s board of directors has appointed Charles Tyson, the company's chief customer experience officer, as interim president and principal executive officer.

According to a statement issued by Lumber Liquidators, Tyson and CFO Nancy Walsh will split Knowles duties as the board conducts a search for a new CEO. Tyson will also remain as the company’s chief customer experience officer.

Tyson joined the company in June 2018 after serving in several key senior executive roles for Advance Auto Parts.

Nancy Taylor, chair of Lumber Liquidators, said, "On behalf of the entire board, I would like to thank Dennis for his steady hand and tireless efforts in the face of many challenges during his tenure as CEO. We wish him well in his future endeavors."

"I am proud of the work we have accomplished to resolve many outstanding issues for Lumber Liquidators, and want to thank the employees of Lumber Liquidators for their support and commitment," Knowles said.

Based in Richmond, Va., Lumber Liquidators operates more than 400 stores.

In its most recent earnings report, Lumber Liquidators reported that its third quarter 2019 net income plummeted to $1 million from a net income of nearly $6 million for the same period the year before. Sales fell 2.4%  to $264 million for the period.

In the past two years Lumber Liquidators has also been the subject of litigation and most recently paid $33 million in penalties last March to resolve a charge of securities fraud.

The company also felt pressure last year from Wall Street and founder Thomas Sullivan who attempted an acquisition of his former company.