x

Posted 23 February, 2021

HAVERTY FURNITURE COMPANIES INC appointed new CEO

CEO Change detected for ticker NYSE:HVT in a 8-K filed on 23 February, 2021.


  He will succeed Clarence Smith who will remain chairman and chief executive officer.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of HAVERTY FURNITURE COMPANIES INC
Retail/Wholesale • Home Goods Retail
Haverty Furniture Cos., Inc. engages in the retail of residential furniture and accessories. Its products are Tempur-Pedic, Serta, Stearns and Foster, Beautyrest, and Sealy. The company was founded by James Joseph Haverty in 1885 and is headquartered in Atlanta, GA.
Market Cap
$358M
View Company Details
HAVERTY FURNITURE COMPANIES INC by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors: Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


On February 23, 2021, the board elected Steven Burdette as the company's president effective March 1, 2021. He will succeed Clarence Smith who will remain chairman and chief executive officer. Burdette, 59, currently serves as executive vice president, operations. He has over 37 years of experience with the company and has held responsibilities for all aspects of the stores, distribution operations, merchandising, supply chain, and marketing. Burdette started his career with Havertys as a manager trainee in Tampa, Florida, and held progressively more challenging roles in four additional Havertys markets. He joined the corporate management team in 1993 and was appointed vice president, merchandising in 1994 and vice president, operations in 2002. He was elected senior vice president, operations in 2003, executive vice president, stores in 2008, and his current position in 2017.


A copy of the news release announcing the election and other leadership promotions is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.


In connection with his election as president, Burdette's annualized base salary will be increased to $475,000, his cash incentive target award opportunity for 2021 under the company's omnibus 2014 Long-term Incentive Plan will be increased to 65% of his base salary. His target long-term incentive equity award granted in January 2021 of $301,500 will not be adjusted. He will receive a grant on March 1 of 5,000 shares of restricted stock units (RSUs). The RSUs vest over three years in accordance with the schedule set forth in the stock units award agreement attached hereto as Exhibit 10.1.