Armstrong Flooring (Lancaster, Pa.) will remove the position of chief operating officer, effective Oct. 15, according to a filing with the Securities and Exchange Commission.
The current COO, David Schulz, will receive a severance payment of around $1.26 million. A prorated annual incentive bonus will also be offered in an amount that has yet to be determined, the filing said.
Schulz helped the company transition when Armstrong Flooring and Armstrong World separated in April.
“The chief operating officer role had responsibility for providing transition guidance during our first year as a publicly traded company and would be re-evaluated at the end of that one year,” Armstrong Flooring spokesperson Alison van Harskamp told Lancaster Online. “We've been able to achieve certain transition milestones more quickly than anticipated and determined it was prudent to eliminate the position at this time.”
Schulz has been with Armstrong since 2011.
