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Havertys' Ridley shifts to non-executive role

By Furniture Today Staff -- Furniture Today, March 23, 2009

ATLANTA — Havertys Chairman Clarence Ridley will retire as an employee of the Top 100 company in May but will remain non-executive chairman and consultant for the Atlanta-based retailer.

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 also will be general counsel on certain matters.

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.

Ridley joined the Havertys board in 1979 and has been its chairman since January 2001.

Jenny Parker, corporate secretary and treasurer, 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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Clarence Ridley to retire as Havertys employee

Mar 18, 2009

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