Dan Masters released as Lane Furniture president
December 3, 2013,
The move marks the second key executive change since owner KPS Capital Partners, which received court approval to buy Furniture Brands assets last Friday, announced the renaming of the company Nov. 25.
As part of that announcement, the company revealed that Ralph Scozzafava, CEO since 2008, has resigned, effective immediately.
Scozzafava was not available for comment. He has been replaced by Ira Glazer, a turnaround specialist who was most recently CEO of Wire Co World Group, a manufacturer and distributor of rope, synthetic rope, wire products and electromechanical cable.
Previously, Glazer served as a managing director of Getzler & Co. and was also a vice president at The Chase Manhattan Bank in the mid-70s to early-80s.
Masters has been with motion furniture specialist Lane since May 2012. He started as vice president of business development and was named president of the company in August of that same year, replacing Greg Roy, who was named to the business development role.
Before coming to Lane, Masters was president of upper-end case goods resource Hekman, where he had worked for eight years. Before that, he held executive positions at Riverside Furniture, Flexsteel Inds. and Richardson Brothers.
Masters told Furniture/Today he had no hard feelings about KPS' decision to release him from his responsibilities at Lane.
"The KPS people came in and are interested in making an investment in the company and I obviously didn't fit into the plan," he said. "I have no hard feelings, but am disappointed I wouldn't be able to accomplish what they were looking for. They are straight up people, and the decision was made based on whatever input they got from Ralph as it relates to me. They came in today and have taken control and are moving quickly and decisively."
Masters spent Thanksgiving weekend with family and said he hopes to make a decision soon regarding his future in the industry. He is currently living in St. Louis, but hopes to relocate closer to the Eastern Seaboard to be closer to family.
"I have to be candid with you - I came into this with my eyes open," he said of moving to a public company from the privately held, family-owned Hekman. "The Furniture Brands experience did not work the way I thought it would. In the time I was here I was not able to effect changes because the structure was broken."
KPS officials were not available for comment on Masters' replacement.