Johnston Succeeds Norton as La-Z-Boy Chairman

August 16, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on August 2006 Pat Norton has retired as Chairman of La-Z-Boy Inc., a position he’d held since 1997. La-Z-Boy’s board of directors has elected private investor James Johnston as chairman for a one-year term. Norton, who’d served on the company’s board since 1981, will become chairman emeritus.

Johnston, 67, has been a director of La-Z-Boy’s board since 1991 and served as the chairman of the nominating and governance committee, and was also a member of the audit committee.

Johnston also serves as a financial consultant to various public companies and, earlier in his career, worked in financial management for Eastern Airlines and The Boeing Co. In his position as chairman of the nominating and governance committee, Johnston chaired executive sessions of non-employee directors.

“My colleagues on the Board and I are delighted Jim accepted our nomination to become chairman,” said La-Z-Boy President and Chief Executive Officer Kurt Darrow. “Elected with a unanimous vote, Jim brings years of experience to the position and, with great expertise and sound counsel, he will be a strong leader. As a board member for 15 years, Jim established himself early as a leader on the board, ultimately becoming the Chair of non-employee director executive sessions. With his depth of knowledge of our company, we have great confidence in his ability to work in tandem with management in navigating the changing industry landscape while being a voice for shareholders. We all look forward to working with him in his new role.”

Johnston is a native of Monroe, Mich., and earned a BBA and an MBA from the University of Michigan.