Clarence Ridley to retire as Havertys employee
Will remain board chairman of furniture retailer
Clint Engel -- Furniture Today, March 18, 2009
ATLANTA — Havertys Chairman Clarence Ridley will retire as an employee of the Top 100 company in May but will remain non-executive chairman as well as a consultant for the company.
Ridley, who earned a base salary of $420,000 in 2007, will now be paid $125,000 per year as non-executive chairman and $155,000 a year as a consultant and advisor to President and CEO Clarence Smith. Ridley, a lawyer, also will be general counsel on certain matters, according to a Securities and Exchange Commission filing.
He'll also receive Havertys' standard retainer for non-employee directors of $45,000 a year, of which $30,000 is paid in common stock.
Both Ridley and Smith were traveling and couldn't be reached for comment.
Ridley joined the Havertys board in 1979 and has been its chairman since January 2001.
Jenny Parker, corporate secretary and treasurer for the Atlanta-based company, said Ridley wants to pursue his other interests more fully.
"He serves on the boards of several businesses and not-for-profit entities, and he'll be able to spend more time and attention with them," said Parker.
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Havertys' Ridley shifts to non-executive role
Mar 23, 2009
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