LUMBER LIQUIDATORS CEO IS OUT, STOCK CRASHING
Founder/chairman Tom Sullivan will become the CEO.
The stock is collapsing in the pre market. Shares were last trading down 22%.
Here's the release:
Lumber Liquidators (NYSE: LL) today announced that Robert M. Lynch unexpectedly notified the Company of his resignation as the Company's President and Chief Executive Officer. The Company intends to commence a national search for Mr. Lynch's replacement. In the interim, Thomas D. Sullivan, the Company's Founder, will serve as the acting chief executive officer of the Company.
The Company also announced today that John M. Presley, the Company's lead independent director, has been appointed as non-executive chairman of the board of directors. Both appointments are effective immediately. The board of directors also accepted Mr. Lynch's resignation as a director of the Company.
Mr. Sullivan said, "I am really proud of the LL Team and I look forward to working with them and providing our customers with the best hardwood floors at the best prices as we have since I founded the Company over 20 years ago."