STANLEYTOWN, Va., Dec. 11 /PRNewswire/ -- The Board of Directors of
Stanley Furniture Company, Inc. has announced that Jeffrey Scheffer has been
elected President and Chief Executive Officer. He previously served as
President and Chief Operating Officer. Albert Prillaman, currently Chairman
and CEO will continue as Chairman. Scheffer also was elected to the Board of
Directors of Stanley.
Prior to joining Stanley in April 2001, Scheffer served for five years as
President of American Drew, a La-Z-Boy company, and has over 20 years
experience in the furniture industry. Prillaman joined Stanley in 1969 and
was named President of Stanley in 1983 and CEO in 1985.
"As the business becomes increasingly complex, planning becomes more
important to the company," Prillaman says. "In this period of unprecedented
change within our industry, my energies as chairman will be focused on long-
term strategic issues while Jeff will be responsible for all operational
aspects of the business."
Scheffer commented, "I am committed to the Stanley strategy of focusing on
best product in our segment, supported by excellent quality and service. Our
blended approach, which combines focused, cost-effective domestic
manufacturing with off-shore sourcing, allows us to style up without pricing
up. This approach is being well received by our retail partners and the
ultimate consumer. I welcome the opportunity to lead this outstanding company
to yet higher levels of performance."
Prillaman added, "We think Stanley's strategic focus, combined with our
proven management team, positions us to better serve the retail customer and
consumer while differentiating Stanley from the competition. At the end of
the day, the company that offers the best product, quality, and service will
succeed, and we plan to do just that."
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 and Lexington, NC. Its common stock is
traded on the Nasdaq stock market under the symbol STLY.
For additional information, visit 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," "estimates,"
"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 competition in the furniture industry including competition from
lower-cost foreign manufacturers, successful implementation of expanded
offshore sourcing, the cyclical nature of the furniture industry, fluctuations
in the price of lumber which is the most significant raw material used by the
Company, credit exposure to customers in the current economic climate, capital
costs and general economic conditions. Any forward-looking statement speaks
only as of the date of this press release, and the Company undertakes no
obligation to update or revise any forward-looking statements, whether as a
result of new developments or otherwise.
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
CONTACT:
Robin W. Campbell, Manager - Advertising and
Marketing Svcs. of Stanley Furniture Company, +1-276-627-2245, or
rcampbell@stanleyfurniture.com
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