Bruce Berman leaves CEO post at Harlem Furniture

Daniel Powell appointed interim CEO

Clint Engel -- Furniture Today, November 20, 2009

LOMBARD, Ill. — Bruce Berman, whose family founded The RoomPlace, then known as Harlem Furniture, here in 1950, then sold the company to an investor group in 2004, is out as CEO.

The RoomPlace said it plans to name Daniel Powell interim CEO while it finalizes a search for a permanent CEO. Berman remains a board member and a shareholder.

The company did not say why Berman was leaving the lead post, and attempts to reach him Friday were unsuccessful.

The RoomPlace ranks No. 35 on Furniture/Today's Top 100 with estimated furniture, bedding and accessories sales of $208.8 million in 2008, an increase of 5.8%. The retailer operates 22 stores primarily in metro Chicago and more recently Indianapolis.

Powell previously was CEO of Spyder Active Sports, a maker and retailer of performance ski apparel. He also has served as CEO of sporting goods and apparel distributor Matthews & Boucher and has worked for consulting firm McKinsey & Co.

RoomPlace Chairman Everett Cook, said in a release that Powell "is an outstanding executive and leader with a proven track record who — in his short time with the company — has already demonstrated his ability to add real value to the company's operations and financial management.

"The board joins me in extending our thanks and appreciation to Bruce for his long commitment to the company and his efforts growing the business to where it is today."

In December 2004, three private equity firms — Pouschine Cook Capital Management, Bear Growth Capital Partners and Mercantile Capital Partners — teamed up with Bruce Berman to acquire the former family-owned Harlem Furniture, but didn't divulge the size of the stakes.

Everett Cook said the investor group "remains dedicated to The RoomPlace and its future prospects."

"The company is in sound financial condition, and is well positioned as the place to shop for room furniture and bedding in all of its markets."