STANLEYTOWN, Va., April 5 /PRNewswire/ -- The Board of Directors of
Stanley Furniture Company, Inc. (Nasdaq: STLY) announced today that Jeffrey
Scheffer has been elected President and Chief Operating Officer. In addition,
Douglas I. Payne has been elected Executive Vice-President, Finance and
Administration. Both positions will report to Albert L. Prillaman who
continues as Chairman and Chief Executive Officer.
Mr. Scheffer has been President of American Drew, a La-Z-Boy company and
division of LADD for the past five years. Mr. Payne was Senior Vice-
President, Finance and Administration. In his new position, Mr. Payne will
continue as Chief Financial Officer in addition to supervising the information
technology and human resource functions.
"I am very excited about the addition of Jeff to our executive management
team and the promotion of Doug," said Mr. Prillaman. "I have watched with
admiration as Jeff directed American Drew over the past several years to
significant market share gains. Doug Payne has been an integral part of our
management team for many years and these new responsibilities recognize his
ongoing contributions to Stanley's success."
In addition Mr. Prillaman stated, "Current economic conditions are
certainly difficult, but we remain confident in longer term growth prospects
of the industry in general and Stanley in particular. The globalization of
the industry is accelerating and Jeff's experience will help Stanley address
these opportunities more aggressively. But, under no circumstances will we
sacrifice our commitment to quality and delivery. We continue to be
encouraged by the potential high growth opportunity in the Young America(TM)
and home office categories. At the same time, we see many opportunities for
additional growth in our core bedroom and dining room business."
Mr. Prillaman concluded, "We believe the addition of Jeff will strengthen
our management team and help to prepare the company for continued superior
shareholder returns in the future."
Established in 1924, Stanley Furniture Company, Inc. is a leading
manufacturer of wood furniture targeted at the upper-medium price range of the
residential market. Manufacturing facilities are located in Stanleytown and
Martinsville, VA, and Robbinsville, Lexington, and West End, NC. Its common
stock is traded on the Nasdaq stock market under the symbol STLY.
For more information, visit the web site at
http://www.stanleyfurniture.com .
Certain statements made in this release are not based on historical facts,
but are forward-looking statements. These statements can be identified by the
use of forward-looking terminology such as "believes," "expects," "may,"
"will," "should," or "anticipates" or the negative thereof or other variations
thereon or comparable terminology. These statements reflect the Company's
reasonable judgment with respect to future events and are subject to risks and
uncertainties that could cause actual results to differ materially from those
in the forward-looking statements. Such risks and uncertainties include the
cyclical nature of the furniture industry, fluctuations in the price of lumber
which is the most significant raw material used by the Company, competition in
the furniture industry, capital costs and general economic conditions.
SOURCE Stanley Furniture Company, Inc.
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Related links:
http://www.stanleyfurniture.com
Company News On-Call:
http://www.prnewswire.com/comp/117677.html or fax,
800-758-5804, ext. 117677
CONTACT:
Douglas I. Payne, Executive V.P. of Finance
and Administration, 540-627-2157, or dpayne@stanleyfurniture.com,
or Robin W. Campbell, Manager of Advertising and Marketing
Services, 540-627-2245, or rcampbell@stanleyfurniture.com, both
of Stanley Furniture
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