Lumber Liquidators (LL) Appoints New CEO

November 7, 2016 5:00 PM EST

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Lumber Liquidators (NYSE: LL) announced that John M. Presley is resigning as Chief Executive Officer, effective November 9, 2016 and the board of directors has appointed Dennis R. Knowles, the Company's Chief Operating Officer, to succeed Mr. Presley as CEO. Mr. Presley is resigning from the board of directors effective December 15, 2016 and Mr. Knowles has been elected to the board, effective the same date, as a director in the class of directors whose current terms expire in 2017.

Mr. Knowles joined the Company in March 2016 as Chief Operating Officer responsible for the Company's stores organization, sales, merchandising and marketing, installation, distribution and related operations. Mr. Knowles previously served in store operations leadership roles at Lowe's Companies, Inc. since 2001, most recently as Chief Store Operations Officer. In addition to overseeing store operations at Lowes, Mr. Knowles had broad strategic and operational leadership roles in merchandising, installation, internet sales, specialty sales, proprietary credit and communications, contributing to Lowe's growth in sales and earnings during his tenure there.

Mr. Presley served as a Director of the Company since April 2006, stepping forward in November, 2015 to serve as the Company's CEO. Nancy Taylor, Chairperson of the Company, said, "The Company has benefited considerably from John's business experience and valuable insights for over 10 years as a board member, lead director, chairman and most recently as CEO. On behalf of the entire Board, I would like to thank John for his many years of service and for taking on the challenges of the last year."

Ms. Taylor continued, "As we look forward, we are thrilled to have someone with Dennis' deep and extensive retail experience to lead the Company. Dennis brings over 34 years of experience in the retail and home improvement industries. He has demonstrated an impressive command of all aspects of our business since joining Lumber Liquidators and we expect a seamless transition as Dennis takes over the reins."

Mr. Presley commented, "I am proud of the work we have accomplished to resolve many outstanding issues for Lumber Liquidators and to begin to stabilize the business, and I am confident that Dennis is the right leader to build on and accelerate the progress we have made."

Mr. Knowles commented, "I am honored to have been chosen to lead Lumber Liquidators forward. Lumber Liquidators has a unique value proposition of delivering the best hardwood flooring selection, prices and expertise. We have an incredibly committed team – and I know that together, we have the drive and the vision to succeed and enter the next chapter of our Company's exciting future. As CEO, I am focused on executing on our strategic initiatives and returning our company to growth and profitability. I am confident in our ability as a team to deliver on our promises."

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