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Lumber Liquidators Loses Leader - Surprise CEO Resignation Extends Loss To 75% In 3 Months
The lamentable tale of Lumber Liquidators goes from bad to worse to farce as the company releases a press release explaining "Robert M. Lynch unexpectedly notified the Company of his resignation as the Company’s President and Chief Executive Officer." The stock is down another 20% on this news (as rates leaving sinking ships comes to mind) trading with an $18 handle briefly in the pre-market...
Full Press Statement:
Lumber Liquidators today announced that Robert M. Lynch unexpectedly notified the Company of his resignation as the Company’s President and Chief Executive Officer. The Company intends to commence a national search for Mr. 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 Mr. Lynch’s resignation as a director of the Company.
Mr. Sullivan said, “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.”
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If you ever bought from this company, you knew this would be the outcome.
sometimes a typo results in sublime irony.
To wit:
"As rates leaving sinking ships come to mind..."
Poetry...
Pose-ter...
https://aadivaahan.wordpress.com/2015/05/21/are-you-ready/
Turns out people with 29.5 hr/wk jobs can't even afford cheap lumber.
They just need better marketing.
"We perfectly matched the flooring to your drywall."
pods
I followed Whitney Tilson's lead and am making a killing shorting LL's stock...
The guy is a genius...
It's not lumber.
Its called a' Freudian slip'; according to freudian theory there in no such thing as a, 'typo'-all 'mistakes' are done for psychological reasons.
The lesson is, don't put the word "liquidate" or any word close to it in your company name.
At least an autopsy won't be necessary.
All this over a little formaldehyde.
Look, it won't kill you. But if it does, you will still look great. So will your floor.
Sounds like they're clearing out the dead wood.
"(as rates leaving sinking ships comes to mind)"
It looks to me like the rats are jumping ship too.
"rates leaving sinking ships"
Ummm...wasn't that the LIBOR scandal?
(as rates leaving sinking ships comes to mind)
It is spelled stinking shit not sinking ships. We are talking about central banks right?
Time to liquidate that stock.
dealt with them ONE TIME.......and that was the very LAST TIME..........awful doesnt begin to explain it
At one point in my life I had two job offers - both were COO positions -
One company was doing fantastic - 5 years of massive growth - profits through the roof - sweet pay & benefit package - the CEO didn't want to change anything - it was perfection already.
The other was a fucking disaster - pay was about what I was already making - the CEO told me I could do whatever I wanted to do as long as it didn't cost any money!
I picked the disaster - it took about 3 years to turn it around - it was a lot of fun actually.
Taking over a company in crisis is a great opportunity. I wish I was younger I would jump at the chance.
I'm with you, if the founder and/or new CEO can get things turned around, might be a decent buying opportunity. That is, assuming the floor doesn't fall out from under the rest of the market, which it never will. /sarc
Same here for me. I came into a Company who had developed a new product, long ago, first at it and it was a MESS. Export licenses all stacked up with rejections, and the Intl VP of Sales quit the second week I was there. The CEO was an immigrant who fell asleep at Board Meetings. Everyone hated the guy and we afraid of him at the same time. I turned it around in a 2.5 years, and quit the 3rd year to open a new company with some of the Ex VP's and we did great.
Well they almost priced to PE.
Ever since Lumber Liquidators installed my floors
I no longer have problems with insects and rats
Or children.
Not as much lumber needed for multi-family units that will sit half-empty for decades.
It's not like they're building real homes that people can afford anymore.
While will MFDs sit vacant for decades?
Chinese garbage. Time to bring more manufacturing back to America.