Havertys Names Smith Chairman

August 14, 2012  by in UnCategorized   

By Home Furnishings Business in Executive Changes on August 15, 2012

Furniture retailer Havertys' (NYSE: HVT) board has elected Clarence H. Smith chairman, succeeding L. Phillip "Phil" Humann who was elected lead director.

Smith will continue to serve as Havertys' president and chief executive officer, a position he has held since 2003. Smith was elected a director in 1981. During his 38 years' tenure with Havertys he has worked in a variety of roles both in the corporate and retail operations. He also serves as a director of Oxford Industries Inc. and is a member of the board of trustees of Marist School.

Humann has served on Havertys' board since 1992 and was elected chairman in 2010 upon the retirement of Clancy H. Ridley. Humann retired from SunTrust Banks Inc. in 2009 where he served as chairman of the board for 10 years, during eight of which he was also CEO. He currently is presiding director of Equifax Inc. and Coca Cola Enterprises Inc.

"It has been a privilege to serve as chairman of a company with such a long history of integrity and success," Humann said. "Clarence's leadership, strategic decision-making and dedication to Havertys' mission during these challenging years is confirmation of his abilities to direct the company's course in the future."

"Phil's experience as a former chairman and chief executive of a Fortune 500 company, great business acumen and temperament made him an excellent chairman during a transitional period as Havertys has improved its financial strength and reignited its growth," said Smith. "I look forward to his personal guidance and his continuing service on our board in the important role of lead director. Havertys has had six chairmen since its founding in 1885 and I am honored to be chosen by the board to continue to lead the company forward."

The directors also declared a quarterly cash dividend to be paid on the two classes of $1 par value common stock of the company, payable Sept. 12 to stockholders of record at the close of business on August 27, 2012, at a rate of $0.04 per share on the outstanding shares of Common Stock and $0.0375 per share on the outstanding shares of Class A Common Stock.

Havertys, which has 120 showrooms in 17 states in the Southern and Midwestern regions, has paid a cash dividend in each year since 1935.