James Zimmerman to leave Furniture Brands International board

Furniture Today Staff -- Furniture Today, February 11, 2013

ST. LOUIS — Furniture Brands International said Friday that board member James Zimmerman has told the company he will not stand for reelection to the board at the company's May 2 stockholders meeting.

Zimmerman, a retired Federated Department Stores chairman and CEO who has served on the Furniture Brands board since 2010, is leaving due to increased demands on his time from other business and personal interests, FBI said in a filing with the Securities and Exchange Commission.

In the same document, the furniture manufacturer and importers said it will suspend its employee stock ownership plan as of March 1. Under the plan, eligible employees could purchase company stock at a price equal to 95% of the fair market value.