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Lumber Liquidators names a new CEO


Lumber Liquidators has not had much luck getting its top executives to stick around as of late.

The company's chief compliance officer, Ray Cotton, quietly resigned in May of 2015.

Then, in November, it elected John Presley as chief executive -- the second time that year it had to change CEOs.

Now, Presley is resigning, and it's unclear whether the move comes as a result of his leukemia. According to a report in February, Presley said he was battling leukemia and would be going through a 30-day hospital treatment, though he'd remain involved in day-to-day operations.

Effective Nov. 9, Dennis Knowles, the current COO, will succeed Presley as CEO. Presley will then resign from the board of directors on Dec. 15, with Knowles replacing him on that day.

Knowles has been with the company since March 2016. Prior to that, he served in store operations leadership roles at Lowe's Companies, Inc. since 2001, most recently as Chief Store Operations Officer.

"The company has benefited considerably from John's business experience and valuable insights for over 10 years as a board member, lead director, chairman and most recently as CEO," said chairperson Nancy Taylor. "On behalf of the entire board, I would like to thank John for his many years of service and for taking on the challenges of the last year."

"As we look forward, we are thrilled to have someone with Dennis' deep and extensive retail experience to lead the company," she added. "Dennis brings over 34 years of experience in the retail and home improvement industries. He has demonstrated an impressive command of all aspects of our business since joining Lumber Liquidators and we expect a seamless transition as Dennis takes over the reins."

"I am proud of the work we have accomplished to resolve many outstanding issues for Lumber Liquidators and to begin to stabilize the business, and I am confident that Dennis is the right leader to build on and accelerate the progress we have made," said Presley.

Said Knowles, "I am honored to have been chosen to lead Lumber Liquidators forward. Lumber Liquidators has a unique value proposition of delivering the best hardwood flooring selection, prices and expertise. We have an incredibly committed team – and I know that together, we have the drive and the vision to succeed and enter the next chapter of our company's exciting future. As CEO, I am focused on executing on our strategic initiatives and returning our company to growth and profitability. I am confident in our ability as a team to deliver on our promises."

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