Former Thomasville president to receive severance pay
Thomas Russell -- Furniture Today, June 11, 2013
ST. LOUIS — A filing by Furniture Brands International on Monday said that Ed Teplitz, former president of subsidiary Thomasville Furniture, will receive a severance based on his "involuntary termination" from the company.
The filing with the Securities and Exchange Commission came three days after the company announced it had named former Arhaus executive Kathy Veltri to replace Teplitz as president. She was with the Top 100 retailer since 2006, most recently as senior vice president of sales and marketing.
Teplitz was not available for comment.
The company did not specify how much Teplitz would receive in severance. The policy under which he is receiving the severance acknowledges the challenges executives often face in finding new employment following termination.
In 2012, Teplitz received a base salary of $395,400, according to a March 22 SEC filing. His total compensation including stock options totaled $561,769.
The company did not comment on the circumstances involving his departure. The March 22 filing did say that he managed both the Thomasville and Drexel Heritage brands in 2012. It said Drexel Heritage performed well in 2012 with sales and profit above budget. It went on to say that while the Thomasville brand did not perform as well, the Thomasville company-owned stores performed better than independent Thomasville stores.
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