- Push-out Score determined
- After almost 18 years in the position
- Accolades, praise and thanks for Darrow
- Melinda Whittington taking over
- Darrow will remain as Chairman at La-Z-Boy
- Darrow made a lengthy statement and said 265 words
(exechange) — Monroe, Michigan, February 16, 2021 — This news came the day after Presidents’ Day. Kurt Darrow, chief executive of La-Z-Boy, leaves his position. As announced by La-Z-Boy Inc. in a news release and in a regulatory filing published on Tuesday, February 16, 2021, Kurt L. Darrow leaves his post as chief executive officer of the provider of residential furniture after almost 18 years in the role, effective April 25, 2021.
It is the end of an era.
Kurt Darrow’s duties as CEO will be taken over by Melinda D. Whittington, currently Chief Financial Officer of La-Z-Boy Inc.
“Thoughtful succession planning”
Kurt Darrow’s departure from the CEO post is explained as follows. La-Z-Boy said: “Reflecting the company’s long-standing commitment to thoughtful succession planning, Melinda D. Whittington, Chief Financial Officer (“CFO”), was unanimously appointed by the Board to serve as President and CEO of La-Z-Boy Incorporated.”
Darrow will remain as Chairman at La-Z-Boy
“[Kurt Darrow] will remain Chairman of the Board of Directors, in a non-executive capacity,” La-Z-Boy said.
La-Z-Boy said: “Kurt L. Darrow will retire from his positions as President and Chief Executive Officer (“CEO”) on April 25, 2021, after more than 40 years of service to the company.”
Share price increase since February 2020
The announcement follows an increase in La-Z-Boy Inc.’s share price of 31% since February 2020.
In the position of CEO since 2003
Kurt Darrow became CEO of the Company in 2003.
His retirement follows the end of La-Z-Boy’s fiscal 2021 year.
Kurt Darrow is the Chairman, President and Chief Executive Officer of La-Z-Boy Incorporated.
An out-of-the-box strategist and heralded by Wall Street as a turnaround specialist, he was the architect of the company’s transformation from solely a chair manufacturer to one that manufactures and offers stylish furniture for every room in the home.
Before his appointment as President and CEO of La-Z-Boy in 2003, and Chairman in 2011, Darrow was President of La-Z-Boy Residential, the company’s flagship brand and largest division.
Within the furniture industry, Darrow has held numerous prominent roles at the American Home Furnishings Alliance (AHFA), the American Furniture Hall of Fame Foundation, Inc., and currently serves as an Executive Board Member of the Anti-Defamation League’s Furniture Division.
Additionally, he has received a number of prestigious awards, including his induction into the American Home Furnishings Hall of Fame in 2018, being honored in 2015 with the City of Hope Spirit of Life Award, the 2013 Distinguished Service Award from the American Home Furnishings Alliance and, in 2003, he was the recipient of the Anti-Defamation League’s American Heritage Award.
Darrow is a Member of the Board of Directors for CMS Energy Corporation, and the Board and Executive Committee of Business Leaders for Michigan.
He also serves on the board of the ProMedica Board of Trustees, an integrated healthcare organization, based in Toledo, Ohio, serving communities in 30 states.
He attended Adrian College where he earned a Bachelor of Arts degree in business administration and was then awarded an Honorary Doctorate in 2009 and was privileged to give the Commencement Address to that year’s graduating class.
He also served as a Member of the college’s Board of Trustees from 2002 to 2011.
Residents of Monroe, Michigan, Darrow and his wife, Renee, enjoy spending time with their 16 nieces and nephews, playing golf and traveling. They are active in their church and community, and support a variety of local and national philanthropic organizations.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Kurt Darrow’s move on a scale of 0 to 10.
exechange reached out to La-Z-Boy and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 8.2021 ($).