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Albert Prillaman Elected CEO Stanley Furniture

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Stanley Furniture Company, Inc. announced that its Board of Directors has elected Albert L. Prillaman as Chief Executive Officer. Jeffrey R. Scheffer has resigned as President, Chief Executive Officer and director of the Company to pursue other interests. The Company also announced the promotion of R. Glenn Prillaman to Executive Vice President – Sales and Marketing and Stephen A. Bullock to Executive Vice President – Operations, both of whom previously served as senior vice presidents. Douglas I. Payne, Executive Vice President – Finance and Administration, together with Glenn Prillaman and Stephen Bullock, will operate as the Office of the President to coordinate the company’s day-to-day operations. Commenting on his return to a more active role in management of the company, Albert Prillaman said, “The executives who make up the Office of the President are highly qualified to run the business and this will allow me to focus on strategic issues that positively impact creating shareholder value.” “Obviously, no one can predict when an upturn will come in our industry, but it will come. In the meantime, we are focusing on improving our product line and evaluating the ever-changing distribution channels while maintaining our leadership position in delivering quality and service to our customers. The recently announced restructuring of our manufacturing operations is progressing on schedule and will position Stanley Furniture to compete more effectively going forward,” he said. “We wish Jeff well in his future endeavors.” 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. Its common stock is traded on the Nasdaq stock market under the symbol STLY.

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