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Former Furniture Brands: Graham named director, responsible officer
By Caroline Salls
Pittsburgh, Dec. 2 - FBI Wind Down, Inc., formerly Furniture Brands International, said chief administrative officer, general counsel and corporate secretary Meredith M. Graham was appointed to the company's board of directors and to serve as the officer responsible for winding down FBI and liquidating any remaining assets.
According to an 8-K filed Monday with the Securities and Exchange Commission, Graham has served as chief administrative officer, general counsel and corporate secretary since May 2013.
Previously, she served as Furniture Brands' senior vice president, general counsel and corporate secretary from May 2012 to May 2013 and as deputy general counsel and assistant secretary from November 2008 to May 2012.
Under a responsible officer agreement, Graham will be compensated salary of $286,000 per year and will be entitled to receive a one-time bonus equal to a percentage of the base compensation if the company obtains confirmation of a Chapter 11 plan with her substantial assistance by specified deadlines.
Subsequent to the board appointment, Ira D. Kaplan, Ann S. Lieff, Aubrey B. Patterson, George E. Ross and Ralph P. Scozzafava each resigned as board members, effective upon the closing of the company's asset sale.
An amendment to FBI's articles of incorporation or bylaws reduced the minimum number of directors required to serve on the board to one from six.
The company said it does not expect to be able to distribute any proceeds from its asset sale to shareholders.
Furniture Brands, a St. Louis-based designer, manufacturer and retailer of home furnishings, filed for bankruptcy on Sept. 9 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 13-12329.
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