Stec Resigns from Lexington Home Brands

June 4, 2006  by in UnCategorized   

By Home Furnishings Business in Case Goods on June 2006 Bob Stec has resigned as president and chief executive officer of Lexington Home Brands, positions he held for six years, to spend more time with his family, the company announced Friday.

After a short transition, Asher Lepkin will serve as interim CEO of Lexington, and will continue to focus on the brand strategy Stec implemented when he took over at Lexington. Lepkin is a management consultant with a range of experience including several multi-national consumer, industrial, and technology brand companies.

Stec’s decision, one that was months in the making, took most of the industry by surprise. The ongoing health problems of one of his daughters led him to resign, he said Monday.

“The last six months, I’ve been splitting time between home and work, and I realized I wasn’t being fair to my family or the workplace,” he said. “When it comes to those priorities, you know which one you’re going to choose. This is one of those announcements where there’s nothing to read between the lines.”

Under Stec’s leadership, Lexington converted from a primarily domestic-based manufacturer to a marketer of globally sourced goods. He also ramped up the company’s brand focus with particular success in Nautica and Tommy Bahama.

Stec also trimmed the company’s sprawling dealer base, and created merchandising and advertising standards to better present LHB’s flagship brands at retail.

Stec will continue to hold an investment position in the company, which is owned by an affiliate of the private investment firm Sun Capital Partners. Sun Capital financed the a Stec-led management buyout of the company in 2002 through its affiliate, Lexington Holding.

“I would like to thank Sun Capital and the management team and employees of Lexington for their support and dedicated effort in re-invigorating one of the most powerful brands in furniture,” Stec said in the press release announcing his departure. “I look forward to my involvement as an active investor and am pleased that Lexington will continue to develop the strategic operating plan and brand strategy that we have outlined. It is now time to move on to the next phase of my life and focus on family matters.”