The Lumber Liquidators Value Committee, a shareholder advocacy group representing 3.0% of LL Flooring’s outstanding shares, issued a statement calling for the removal of several LL Flooring board members.
The push for removal follows a second attempt by LL Flooring Founder and former CEO Tom Sullivan to buy his former company, which has been bleeding profits for the past year.
The board members targeted by LLVC for removal include Nancy Taylor, Doug Moore and Ashish Parmar.
“LLVC expresses concern about the company's leadership, citing a failure to right-size its cost structure, mismanagement of SG&A, and a lack of strategic direction,” the group said in a statement. “LLVC aims to influence investors to vote against the incumbent board at the next proxy vote. The committee also plans to propose a slate of new members to bring fresh perspectives, experience, and a focus on growth or potential sale to the company.”