Lumber Liquidators' troubles continue

The CEO of Lumber Liquidators has resigned just a few months after the company became embroiled in an investigation over wood products imported from China.

The company said Robert Lynch resigned “unexpectedly” and that it intends to commence a national search for Lynch's replacement. In the interim, Thomas D. Sullivan, the company's founder, will serve as the acting chief executive officer of the company.

The company also announced today that John M. Presley, the company's lead independent director, has been appointed as non-executive chairman of the board of directors. Both appointments are effective immediately. The board of directors also accepted Lynch's resignation as a director of the company.

"I am really proud of the LL Team and I look forward to working with them and providing our customers with the best hardwood floors at the best prices as we have since I founded the Company over 20 years ago," Sullivan said.

In March, a CBS “60 Minutes” segment accused the company of selling Chinese-made laminate flooring that contained levels of formaldehyde, a known carcinogen, that exceeded California emissions standards. I

With more than 355 locations, Lumber Liquidators is North America's largest specialty retailer of hardwood flooring.