Vance Johnston promoted to CFO at Furniture Brands
Furniture Today Staff -- Furniture Today, May 8, 2012
ST. LOUIS — Furniture Brands International said Monday it is promoting Vance Johnston to senior vice president and chief financial officer, effective May 18, to replace current CFO Steven Rolls, who is resigning.
In a filing with the Securities and Exchange Commission, the company also said that Jon Botsford, its general counsel and corporate secretary, also is resigning May 18. A replacement was not named.
The filing noted that Rolls and Botsford "will both receive the benefits they would have received upon involuntary termination under the company's Executive Severance Plan." Those benefits include a year's salary plus bonuses, and come with a one year non-compete clause, according to FBI's proxy statement.
Johnston joined Furniture Brands in March 2010 and has since been senior vice president, growth and transformation. Before joining FBI, he was the chief financial officer at Miami Jewish Health Systems. He started his career at KPMG Peat Marwick and also held corporate strategy roles at Burger King, OfficeMax and Royal Caribbean Cruises.
"Vance has been instrumental in driving the operational improvements at the company since he joined us over two years ago," said Ralph Scozzafava, Furniture Brands chairman and CEO. "His demonstrable contributions on the strategy front, as well in the real estate and financial planning and analysis areas have helped make us a more efficient organization."
Scozzafava added, "On behalf of the Board and management team, I would like to thank Steve Rolls for his contributions over the last four years. Steve's focus on company-wide financial discipline and controls has resulted in a vastly improved financial organization. We wish him well."
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