Albert Prillaman replaces Jeff Scheffer as Stanley CEO

Glenn Prillaman, Stephen Bullock named EVPs

Tom Russell -- Furniture Today, September 23, 2008

STANLEYTOWN, Va. — Jeff Scheffer has resigned as president and CEO of case goods manufacturer and importer Stanley Furniture and board Chairman Albert Prillaman is stepping into the role of CEO.

The company also has promoted Glenn Prillaman to executive vice president of sales and marketing and Stephen Bullock to executive vice president of operations. Both previously had been senior vice presidents and will now oversee the day-to-day operations that Scheffer handled in the role of president.

The company said Scheffer left the company to pursue other interests. He was not immediately available for comment this morning.

Scheffer became president and CEO of Stanley in late 2002, having previously served as chief operating officer. At the time, he replaced Prillaman, who had served as president since 1983, CEO since 1985 and board chairman 1988. Prillaman remained on the board as a "lead director and liaison."

Scheffer joined the company in April 2001 after five years as president of American Drew. He had been Stanley's board chairman since early 2005, but relinquished that role when Prillaman resumed the post this past April.

Scheffer's departure comes during an industry wide slowdown that has affected Stanley's financial performance.

The company reported a 14.8% decline in sales in this year's first half, to $121.7 million, while operating income fell 48% to $3.4 million.

Prillaman was not immediately available for comment. In a prepared statement relating to his more active role in the company, he said, "The executives who make up the office of the president are highly qualified to run the business and this will allow me to focus on strategic issues that positively impact creating shareholder value."

"Obviously, no one can predict when an upturn will come in our industry, but it will come," he added. "In the meantime, we are focusing on improving our product line and evaluating the ever-changing distribution channels while maintaining our leadership position in delivering quality and service to our customers. The recently announced restructuring of our manufacturing operations is progressing on schedule and will position Stanley Furniture to compete more effectively going forward. We wish Jeff well in his future endeavors."

The company also said that Doug Payne, executive vice president of finance and administration, will help Glenn Prillaman and Bullock coordinate the company's day-to-day operations.