From Home Furnishing Business
CEO Prillaman, Two Board Members Resign from Stanley
Stanley Furniture (NASDAQ: STLY), which recently agreed to sell substantially all of its assets to a Vietnam-based logistics firm, said longtime President and CEO Glenn Prillaman has resigned.
The company said Prillaman’s resignation was part of a separation agreement made in connection with the sale.
Matthew Smith, a managing director with The Finley Group, has been named interim CEO. Stanley’s board of directors hired The Finley Group in October to assist with the potential sale and working capital management.
The company also announced that three sales representatives have been elected as vice presidents of the company. Josh Carter has been promoted to vice president of sales – brick & mortar, John Pigg has been promoted to vice president of sales – interior design, and Landon Smith has been promoted to vice president of sales – e-commerce.
In addition, board members Michael Haley and Justyn Pittman said they plan to resign from the board.
The company said Putnam’s resignation is pursuant to the terms of a share purchase agreement under which the Talanta Fund, L.P. will sell its 740,896 shares of Stanley common stock to the Hale Partnership Fund, L.P.
Putnam is investment manager of the general partner of the Talanta Fund. Board Chairman Steven Hale II is the sole manager of investment for the Hale Partnership Fund.
The resignations of Putnam and Haley will be effective upon the closing of the share purchase.
“On behalf of the board, I want to thank Glenn and Mike for their many contributions to Stanley over their long tenure with the company,” Hale said. “We are pleased to have Matt Smith serve as interim Chief Executive Officer as we move forward with the previously announced proposed sale of substantially all the Company’s assets.”
Stanley has agreed to sell its assets to Churchill Downs Holdings Ltd. for $16.1 million. That company is owned by Walter Blocker, chairman of the Vietnam Trade Alliance.