Lumber Liquidators (Toano, Va.) CEO John Presley resigned, effective today. He is succeeded by the retailer’s chief operating officer, Dennis Knowles.
Knowles will retain the COO title, which he had since March. Before coming to Lumber Liquidators, Knowles most recently served as chief store operations officer at Lowe’s Companies Inc.
Presley served as the company’s CEO since November 2015. He replaced acting CEO and company founder Tom Sullivan, who was serving an interim role after former CEO Robert Lynch resigned unexpectedly in May 2015.
The news was shared late Monday, after the markets closed with Lumber Liquidators valued at $15.23. The stock fell to $14.47 Tuesday morning and finished the day at $14.79. The company’s stock is down almost 80 percent from its valuation before a “60 Minutes” investigation about its Chinese-made laminate product sent the stock reeling.
