Mike Price to take CEO post at W.S. Badcock next January

Succeeding Don Marks, who is retiring

Clint Engel -- Furniture Today, August 25, 2008

RICHMOND, Va. - Mike Price, chief operating officer of W.S. Badcock, will become CEO Jan. 1, 2009, succeeding Don Marks, who will retire after 10 years of leading the Top 100 retailer.

Marks announced he was leaving the company at an awards gala here during Badcock's annual dealer meeting this past weekend. The first non-Badcock family member to lead the company, Marks is credited with improving dealer communications and leading the retailer through an extensive modernization effort, which included the rollout of an updated Badcock Home Furniture & more store format to the majority of Badcock's more than 300 stores.

Price, who joined the Mulberry, Fla.-based company in 1997 as chief financial officer, was named chief operating officer in April. During the last three years, he been taking on several of Marks' duties in preparation for an eventual transition. He led operations of Badcock's roughly 60 corporate stores, took the lead on a major supply chain management overhaul beginning in 2005 and served as senior vice president of merchandising, responsible for the supply chain, administration and information technology groups as well as the legal department.

Before joining the company, Price was treasurer of grocery story chain Food Lion for nine years.

"Our dealers deserve the best possible leadership team and that is why we will work closely to ensure a smooth transition over the next several months," Marks said. "Badcock has successfully led the retail furniture industry for more than a century and will continue to lead the industry during this transition process and for many years to come."

At the gala, Marks called Price "the most-qualified person we could possibly have" to take on the top post. In an interview, with Furniture/Today, he said. "I believe he will be great for the company."

Price said Badcock is fortunate to have Marks leading the company.

"Don has led the way in efforts to modernize Badcock's business practices and I look forward to furthering those efforts," he said.