After several days of rumors, Furniture Brands International issued a press release today announcing that Skipper Holliman had resigned as president of Lane. Holliman is replaced by executive VP Greg Roy.
Here is the release:
Furniture Brands International (NYSE:FBN) announced today that it has named Gregory P. Roy as president of Lane Furniture Industries. Mr. Roy was most recently Lane's executive vice president of sales and marketing.
"Lane and Furniture Brands are very fortunate to have a skilled furniture executive of Greg's caliber ready to take over," said Furniture Brands Chairman and Chief Executive Officer Ralph P. Scozzafava. "In his 21 years with Lane, Greg has been deeply involved in the key value drivers of the Lane business -- sales, marketing and product development. He really understands what it takes to make our dealers successful in reaching their goals. I'm confident that Greg and his team will continue their great progress in building on Lane's leadership position in our industry."
Mr. Roy replaces William G. "Skipper" Holliman, who has elected to resign as president of Lane. Mr. Holliman, 43, intends to remain in an advisory capacity to Lane for a transition period. Gentry Long, a 10-year Lane veteran and Mr. Holliman's brother-in-law, has also elected to leave the company.
Mr. Holliman added, "Furniture Brands and Lane have been very good to me and my family over these past 21 years. It has been a lifelong desire of mine to one day start my own company. Based on the current economic environment and opportunity that exists, I felt that the timing was right to go and pursue that dream at this time."
Mr. Holliman is the son of Wilbert G. "Mickey" Holliman, a current director and former chairman and chief executive officer of Furniture Brands. Mr. Holliman, 71, is standing for re-election to the Furniture Brands' board at its 2009 annual stockholders meeting.
"The Holliman family's impact on Lane has been significant, and we wish Skipper well. His tenure was marked by a strong work ethic that was matched by his devotion to the Lane brand," Mr. Scozzafava said. Mr. Roy added, "I've worked closely with Skipper and Gentry for years and appreciate their making this a smooth transition. Lane has a terrific heritage and an exceptional team of dedicated employees. It is an honor for me to lead this great company and I look forward to the opportunity."