Furniture Brands will not extend President and Chief Operating Officer John "Tom" Foy's contract set to expire on Dec. 31 and will pay him a $2 million severance payment, according to an Oct. 12 company filing with the Securities and Exchange Commission.
Foy will resign from the board of directors on Nov. 1, but he will remain the company's president and chief operating officer through Jan. 31, 2008.
Last week, Furniture Brands announced the immediate resignation of Nancy Webster, who was the president and chief executive officer of Thomasville Furniture Industries Inc., and appointed Edward Teplitz president of Thomasville.
St. Louis-based Furniture Brands International Inc. (NYSE: FBN) manufactures furniture under the Thomasville, Henredon, Drexel Heritage, Maitland-Smith, Broyhill and Lane brands.
credited by: bizjournals.com
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