Havertys Announces CEO Leadership Transition

Furniture World News Desk on 11/13/2024

Clarence Smith and Steve Burdette.

Havertys has announced that Clarence H. Smith, CEO and chairman of the board, will retire from his role as CEO on January 1, 2025, transitioning to the position of executive chairman of the board. Steven G. Burdette, currently serving as president, will succeed Smith as president and CEO and will join the board of directors.

"Today's announcement follows a planned transition to select the next CEO to lead Havertys," said Smith. "Steve has been an invaluable member of my leadership team, delivering on strategic initiatives and operational excellence during turbulent times. With this transition, Steve becomes only the 7th CEO in the 139-year history of Havertys. His deep knowledge of the industry, passion for the company and its culture, and the respect of an experienced team make Steve the right leader to move the company forward. I am grateful to every team member for their dedication to Havertys' success and their honoring of the legacy of our company's founders."

Tom Hough, lead independent director of Havertys' board, added, "The selection of Steve as CEO is the result of an established and thoughtful process to ensure a seamless leadership transition that focuses on strength and growth. We are pleased Clarence will assume his role as executive chairman, providing insights to the company's strategic directions from his more than 50 years with Havertys and outstanding leadership as CEO since 2003. Under Clarence's guidance, the company weathered two significant challenges—the financial crisis of 2007 and the global COVID-19 pandemic. Clarence evolved the company's vision and transformed Havertys from a retailer of other companies' merchandise into a specialty branded retailer selling exclusively the Havertys brand of quality furniture."

Burdette expressed his enthusiasm for the role, stating, "I am excited and appreciate the trust and confidence the board has shown in me to lead this great company. We have a remarkable legacy and a strong platform from which to grow. I look forward to continuing Havertys' tradition of serving our customers, suppliers, team members, and shareholders with integrity and accountability."

Burdette, 63, joined Havertys in 1983 as a manager trainee in Tampa, FL, and has since held various leadership roles across the company, including store management, distribution, operations, merchandising, and marketing. He was named executive vice president, stores in 2008, executive vice president, operations in 2017, and president in 2021. He holds a Bachelor of Business Administration in Finance from the University of Georgia.

About Havertys
 Havertys (NYSE:HVT)(NYSE:HVTA), established in 1885, is a full-service home furnishings retailer with 127 showrooms in 17 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Additional information is available on the Company's website at www.havertys.com.