Badcock taps Price for CEO
Succeeding Marks, who is retiring in Jan.
By Furniture Today Staff -- Furniture Today, September 1, 2008
RICHMOND, Va. — Mike Price, chief operating officer of W.S. Badcock, will become CEO Jan. 1, succeeding Don Marks, who will retire after 10 years of leading the Top 100 retailer.
Marks, 61, announced he was leaving at an awards gala here during Badcock's annual dealer meeting Aug. 21-24. 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 format to the majority of Badcock's 321 stores. He has been planning his retirement for some time.
Price, 48, who joined the Mulberry, Fla.-based company in 1997 as chief financial officer, was named chief operating officer in April and has been gradually taking on several of Marks' duties over the past three years in preparation for the top job. Among other responsibilities, he led operations of Badcock's roughly 60 corporate stores, took the lead on a major supply chain overhaul beginning in late 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 the 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.”
“We're going to hate to see Don go, but it's time for him to go on and do the things he wants to do,” said Ben Badcock, Badcock's chairman and executive vice president of product development.
At the same time, the company is looking forward to working with Price. “We have a lot of confidence in Mike and know he's going to do a great job,” Badcock said. “He has all of our support and backing. Don was a great leader for us, and we think Mike will do just as well.”
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.
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