Lumber Liquidators Announces New CEO

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Lumber Liquidators Announces New CEO

Lumber Liquidators announced that John M. Presley has resigned as CEO and that effective immediately Dennis R. Knowles will be the retailer's chief executive. In addition, Presley is resigning from the board of directors effective December 15, 2016 and 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.

Knowles joined Lumber Liquidators in March 2016 as COO, responsible for store organization, sales, merchandising and marketing, installation, distribution and related operations. He 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, 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.

Presley served as a director since April 2006, stepping forward in November, 2015 to serve as CEO. "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," said Nancy Taylor, chairperson, Lumber Liquidators. "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. 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." 

"I am honored to have been chosen to lead Lumber Liquidators forward," Knowles said. "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."