- Push-out Score determined
- After about three years in the position
- Praise, thanks and good wishes for Knowles
- Responsibilities redistributed
- Search for a successor
- Knowles kept it short and said 31 words
(exechange) — Richmond, Virginia, February 6, 2020 — Dennis Knowles, chief executive of Lumber Liquidators, leaves. As announced by Lumber Liquidators Holdings Inc. in a news release and in a regulatory filing published on Thursday, February 6, 2020, Dennis R. Knowles has left his post as chief executive officer at the specialty retailers of hard-surface flooring after about three years in the role, effective February 5, 2020.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange.
Lumber Liquidators will undertake a search for a successor.
Following Dennis Knowles’s departure, the position of Chief Executive Officer will not be filled for the time being. Dennis Knowles’s responsibilities are being redistributed.
No reason given
In the announcement, Lumber Liquidators did not explicitly explain the reason for Dennis Knowles’s move.
Precise information regarding Dennis Knowles’s future plans was not immediately available.
Lumber Liquidators said: “Dennis R. Knowles has resigned as President and Chief Executive Officer and as a member of the Board of Directors, effective February 5, 2020.”
Share price decline
The announcement follows a decline in Lumber Liquidators Holdings Inc.’s share price of 75% since January 2018.
Chaired by Nancy Taylor
Lumber Liquidators Holdings Inc. is chaired by Nancy Taylor.
Nancy M. Taylor has been a Director of Lumber Liquidators since April 2014 and was appointed Chair of the Company’s Board of Directors in November 2015.
In the position of CEO since 2016
Dennis Knowles became CEO of the Company in 2016.
Dennis R. Knowles has been a director since December 2016.
Knowles has served as the Company’s president and chief executive officer since November 2016 and as the Company’s chief operating officer since March 2016.
Prior to joining Lumber Liquidators, Knowles served in various roles at Lowe’s Companies, Inc., a home improvement retailer, from 2001 to 2015, as chief store operations officer from 2012 to 2015 and as senior vice president of store operations and specialty sales from 2010 to 2012.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Lumber Liquidators and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 6.2020 ($).