- Push-out Score determined
- After around 20 years in the position
- Accolades and praise for Toms
- Jeremy Hoff taking over
- Toms will remain as Chairman at Hooker Furniture
- Toms said 115 words
(exechange) — Martinsville, Virginia, June 19, 2020 — Paul Toms, chief executive of Hooker Furniture, leaves his post. His departure is made public at an early stage. As announced by Hooker Furniture Corp. in a news release on Friday, June 19, 2020, Paul B. Toms leaves his post as chief executive officer at the furniture company after around 20 years in the role, effective January 31, 2021.
It is the end of an era.
Paul Toms’s duties as CEO will be taken over by Jeremy R. Hoff, currently President of Legacy Brands of Hooker Furniture Corp.
It is a generational change as well. Jeremy Hoff is about 20 years younger than Paul Toms.
No reason given
In the announcement, Hooker Furniture did not explicitly explain the reason for Paul Toms’s move.
Toms will remain as Chairman at Hooker Furniture
“Toms will remain as Chairman of the Board,” Hooker Furniture said.
“Retire”
Hooker Furniture said: “Hooker Furniture Corporation (HOFT) announced that the Board of Directors has elected Jeremy Hoff as the next Chief Executive Officer of the Company, effective January 31, 2021 when Paul Toms plans to retire.”
Share price decline
The announcement follows a decline in Hooker Furniture Corp.’s share price of 61% since June 2018.
In the position of CEO since 2000
Paul Toms became CEO of the Company in 2000.
Paul B. Toms, Jr., has been a director since 1993.
Toms has been Chairman and Chief Executive Officer of the Company since December 2000 and also served as President from November 2006 until August 2011.
Toms was President and Chief Operating Officer from December 1999 to December 2000, Executive Vice President-Marketing from 1994 to December 1999, Senior Vice President-Sales & Marketing from 1993 to 1994, and Vice President-Sales from 1987 to 1993.
Toms joined the Company in 1983.
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 Hooker Furniture and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 25.2020 ($).