Wednesday May 6, 2:48 pm Eastern Time
Company Press Release
W.G. "Mickey" Holliman Becomes Chairman of Furniture Brands International
ST. LOUIS--(BUSINESS WIRE)--May 6, 1998--Furniture Brands International, Inc. (NYSE: FBN - news), announced today that W.G. (Mickey) Holliman, currently President and Chief Executive Officer of the company, has assumed the additional duties of Chairman of the Board, succeeding Richard B. Loynd who will remain a director and serve as Chairman of the Executive Committee.
Mr. Holliman, age 60, became President and CEO of Furniture Brands on October 1, 1996. He was previously President and CEO of Action Industries, Inc., a subsidiary of the company. Mr. Holliman is a 1960 graduate of Mississippi State University with a degree in industrial engineering, and he spent his early career in various engineering and manufacturing assignments before co-founding Action Industries in 1970.
In making the announcement, the company emphasized Mr. Holliman's strong business background and his knowledge of the furniture industry. Mr. Loynd stated: ''At Action Industries, Mickey and his business partner Bo Bland built a start-up company into one of the leaders in the furniture industry, with sales approaching $400 million annually. Since coming to Furniture Brands in 1996 Mickey has demonstrated that same drive to grow both sales and profits and has undertaken important strategic steps to solidify the company's position as the undisputed leader in residential furniture manufacturing in this country. We have complete confidence that the company will continue to grow and prosper under Mickey's leadership as Chairman.''
Mr. Loynd, age 70, became President and CEO of Furniture Brands in March 1989, and Chairman in June 1990. Mr. Holliman stated: ''Dick Loynd was the Chairman and CEO of this company during a challenging period in its history, and is largely responsible for its current financial and operating strength. All of the employees and shareholders of Furniture Brands owe a great debt of gratitude to Dick for his leadership and vision, and we look forward to his continuing involvement as a member of the Board of Directors.''
Furniture Brands International is the largest manufacturer of residential furniture in the United States and markets its products under three of the best known brand names in the industry -- Broyhill, Lane and Thomasville. The company manufactures furniture across a broad spectrum of price categories and distributes its products through an extensive system of independently-owned national, regional and local retailers.
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Contact:
Furniture Brands International, St. Louis
Lynn Chipperfield, 314/863-1100
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