MONROE, Mich. - La-Z-Boy Incorporated (NYSE:LZB), a prominent furniture manufacturer and retailer trading near its 52-week high of $46.34, announced a significant leadership change within its Board of Directors. Melinda Whittington, the company's President and Chief Executive Officer, has been appointed to the additional role of Chair of the Board, effective December 11, 2024. According to InvestingPro data, the company has demonstrated strong financial health with an overall "GOOD" rating, supported by robust cash flows and moderate debt levels.
The decision, part of the Board's periodic leadership review, sees Michael Lawton stepping down from his role as Chair, which he has held since May 2022, to resume his position as independent Lead Director. Lawton has been a board member since 2013 and brings extensive experience from his time at Domino's Pizza (NYSE:DPZ), Inc. and Gerber Products Company. Under the current leadership, La-Z-Boy has maintained dividend payments for 13 consecutive years, with a current dividend yield of ~2%.
Whittington joined La-Z-Boy as Senior Vice President and Chief Financial Officer before ascending to President and CEO in 2021. Her career includes significant financial roles at Allscripts (OTC:MDRX) Healthcare Solutions and over two decades at The Procter & Gamble Company. She also serves on the Board of Directors for Best Buy Co (NYSE:BBY)., Inc.
Michael Lawton expressed confidence in Whittington's ability to drive long-term value for stakeholders, citing her strategic vision and operational excellence. Janet Kerr, Chair of the Nominating and Governance Committee, echoed this sentiment, highlighting the combined strengths of Whittington and Lawton in supporting the Board's effective oversight.
La-Z-Boy, known for inventing the iconic recliner in 1927, operates a vertically integrated business model encompassing manufacturing and retail. With a market capitalization of $1.85 billion and a P/E ratio of 15.2, the company currently appears fairly valued according to InvestingPro analysis. The company oversees 193 company-owned La-Z-Boy Furniture Galleries stores and, through various retail channels, offers a wide range of furniture products, including those from its subsidiaries England Furniture Co., Kincaid, American Drew, and Hammary. Investors can access detailed financial analysis and 10+ additional ProTips through InvestingPro's comprehensive research reports.
This leadership announcement is based on a press release statement from La-Z-Boy Incorporated and does not include any forward-looking statements or projections. The information is presented without bias, focusing on the factual changes within the company's Board of Directors.
In other recent news, La-Z-Boy Incorporated reported an optimistic outlook with better-than-expected fiscal second quarter results. The company posted adjusted earnings per share of $0.71, surpassing analyst estimates of $0.64. Revenue also rose 2% year-on-year to $521 million, outpacing the consensus forecast of $505.98 million. The company's retail segment, including company-owned La-Z-Boy Furniture Galleries stores, led the growth with sales increasing 3% to $222 million.
Moreover, La-Z-Boy provided an upbeat guidance for the fiscal third quarter, expecting revenue of $505-525 million, which is ahead of analyst estimates of $510.5 million. The company also announced a 10% increase in its quarterly dividend to $0.22 per share. These are the recent developments for La-Z-Boy, reflecting its continued progress against strategic pillars and strong execution throughout the enterprise.
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