La-Z-Boy named to dubious CalPers list
Pension fund cites poor stock performance, board structure
By Furniture Today Staff -- Furniture Today, March 26, 2008
SACRAMENTO, Calif. — La-Z-Boy was named Tuesday to the dubious Focus List, the annual roster of poorly performing public companies published by the California Public Employees Retirement System.
CalPers said La-Z-Boy made the list because of its poor stock performance the past five years and the structure of its board of directors. CalPers wants the company to “declassify” the board and force all directors to stand for election every year. Currently, board members terms are staggered so that only a few directors are up for reelection each year.
To read the CalPers press release, click here.
