La-Z-Boy CFO to Retire

March 16, 2006  by in UnCategorized   

By Home Furnishings Business in on March 2006 La-Z-Boy Senior Vice President and Chief Financial Officer David M. Risley said Thursday he will retire from La-Z-Boy when the company completes its year-end reporting this summer. Louis M. (Mike) Riccio Jr., currently corporate controller, will succeed Risley.



Risley, 61, joined La-Z-Boy in April 2001 and was instrumental in reshaping the company's financial functions, as well as planning strategy as a part of the senior management team. Additionally, as part of the senior management team, he was integral in forming the company's strategy.



In his new role as CFO, Riccio, 43, will be responsible for the internal audit function, treasury and risk management, the legal and tax function, investor relations, and the corporate controller function, which includes internal and external reporting.

Riccio joined La-Z-Boy in early 2000 when the company acquired LADD Furniture, Inc. At that time, Riccio was LADD's corporate controller, having served since 1990 in a number of increasingly responsible financial management and accounting positions. Prior to LADD, Riccio worked for the public accounting firm Deloitte & Touche.

"The Board and I are delighted Mike will succeed David as the CFO," La-Z-Boy President and CEO Kurt Darrow said in a company announcement. "Succession planning has been an increased focus for our company, and, as such, Mike will easily make a smooth transition into his new role. He is a seasoned professional with tremendous financial expertise and has made a significant contribution to La-Z-Boy since joining the company. I look forward to working with him more closely as we continue to move La-Z-Boy forward in a dynamic marketplace. At the same time, I would like to extend my gratitude to David, who played a pivotal role in reshaping and setting La-Z-Boy on a new course during his tenure. He will be missed by all and we wish him all the best in his retirement."

La-Z-Boy has started a search for Riccio's replacement as corporate controller.