Furniture Brands prepares board succession plan

By Lisa Kerner

Charlotte, N.C., April 24 - Furniture Brands International, Inc. said it plans to name replacements for board members Richard B. Loynd and Albert E. Suter during the second or third quarter of 2008 after which the two will retire.

Loynd and Suter will stand for re-election to the board at the company's annual meeting on May 1, a company news release stated.

Russell Reynolds will assist the Hickory, N.C., furniture company in the director selection process.

"Our search is focused on candidates who are sitting, or recent, chief executive officers of branded consumer products companies and who also have experience in managing global supply organizations," Furniture Brands vice chairman and CEO Ralph P. Scozzafava said in the release.

"Beyond these industry-specific criteria, we seek candidates with the experience and sound judgment to contribute to Furniture Brands' transformation," Scozzafava added.

On April 3, Sun Capital notified Furniture Brands that its affiliate, SCSF Equities, LLC, is nominating three candidates for election to the company's eight-member board of directors at the 2008 annual meeting on May 1.

SCSF's nominees are Alan Schwartz, Sterling Professor of Law at Yale Law School; Ira Kaplan, chief financial officer of Claire's Stores Inc.; and T. Scott King, managing director of Sun Capital Partners, Inc.

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