Daily News
From Home Furnishing Business
Bassett Announces Board Appointment & Increases Quarterly Dividend
July 15,
2016 by in Executive Changes, Industry 
Manufacturer and marketer of mid-priced home furnishings Bassett Furniture Industries, Inc. (NASDAQ:BSET) announced yesterday that John R. Belk, former President and Chief Operating Officer of Belk, Inc., has been elected a member of its Board of Directors.
The Company's Chairman and CEO, Robert H. Spilman, Jr., said, "We are pleased and excited to have a director of Johnny Belk's caliber join our Board. Johnny has more than thirty years of experience in retail as well as two decades of public company board service, making him a welcome and valuable addition."
Mr. Belk joined Belk, Inc. in 1983 and served as President and Chief Operating Officer of Belk, Inc. from May 2004 to January 2016 and as a director from 1998 to 2015. He now serves as a Director of Belk/Sycamore and as the Vice Chair of The Belk Foundation. From 1997 to 2014, Mr. Belk was a director of Harris Teeter Supermarkets, Inc. (formerly Ruddick Corporation). Mr. Belk was a director of Bank of America from 2004 to 2007, and was a director of Alltel Corporation from 1996 to 2007.
Bassett Furniture Industries, Inc. also announced yesterday that its Board of Directors has declared a regular quarterly dividend of $0.10 per share on outstanding common stock payable on August 26, 2016, to shareholders of record at the close of business August 12, 2016. This represents an 11% increase over the previous quarterly dividend.