Furniture Brands New Board Official

May 20, 2008  by in UnCategorized   

By Home Furnishings Business in on May 2008 It’s official: The board of directors for Furniture Brands International includes three directors proposed by Sun Capital.

The board reconvened Tuesday. Because the election of directors was contested, a final reconciliation of the election results by a special inspector.

Ralph Scozzafava, chairman of the board and chief executive officer of Furniture Brands received the highest number of shareholder votes. In addition to Scozzafava, the board of directors is now comprised, in descending order of stockholder votes, of Aubrey Patterson, Bobby Martin, John Jordan, Mickey Holliman, Alan Schwartz, Scott King and Ira Kaplan. The last three were part of the slate proposed by Sun Capital Partners.

Furniture Brands shareholders also approved the company’s incentive plan for 2008, ratified the selection of KPMG as independent public accounting firm for the year, and rejected a shareholder proposal to adopt a resolution to repeal bylaw or bylaw amendments adopted after May 6, 1998, and prior to the election of Schwartz, King and Kaplan.

“We welcome the conclusion of this year’s proxy voting and look forward to continuing to execute Furniture Brands’ strategic plan,” Scozzafava said. “The addition of three new members to our board of directors gives us the chance to gain fresh insights into how we are approaching our business and evaluating new opportunities. I know that we all look forward to working together to bring increased value to all Furniture Brands stockholders.”