TOANO, VA - Lumber Liquidators named John M. Presley its Chief Executive Officer. On the board 9 years, Presley helped steer Lumber Liquidators through controversies surrounding Lacey Act violations, and laminate flooring formaldehyde concerns stirred up by a 60 Minutes expose.The flooring company's stock price slid and sales fell dramatically this year.  
 

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Lumber Liquidators Customers Rip Out Floors

60 Minutes revisited its formaldehyde report on Lumber Liquidators' lamiantefloros to find consumers were removing the flooring. 


Lumber Liquidator had to pay $13 million in fines for Lacey Act violations on importing protect wood species from Siberia.

Presley's appointment is effective November 16, 2015, when he succeeds Thomas D. Sullivan, the company's founder, who has been serving as acting Chief Executive Officer since May 21, 2015. Sullivan stays on as Special Advisor to the CEO and remain on the Board as Founder.  In his new role, Sullivan will assist Presley in an advisory capacity to provide guidance and ensure continued progress toward executing the Company's vision and long-term strategy.

Nancy M. Taylor, who has been a Lumber Liquidators Director since April 2014, will assume Mr. Presley's previous role of Independent Chairman of the Board and Head of the Special Committee.  Mr. Presley will continue to serve as a member of the Board.
 
Presley has more than 30 years of leadership experience with significant operational, financial, turnaround and risk management expertise.  He has served in numerous senior management roles as a CEO and CFO of public companies, most recently as Chief Executive Officer of First Capital Bancorp since October 2008.  During his tenure, First Capital significantly grew its total assets and expanded its branch footprint.  Over the course of his career as a banking executive, Presley is credited with expanding in-store retail branch networks and helped to pioneer the creation of supermarket banking programs across the country.
 
Presley joined Lumber Liquidators as a Director in April 2006, prior to the Company's initial public offering, providing him with the insight, perspective and knowledge of the business to lead the Company forward as it enters its next phase of growth.  As the Head of the Board's Special Committee, Presley helped steer Lumber Liquidators through a volatile period regarding nonoperational issues over the last several months. 
 
"I look forward to working closely with John on our efforts to continue the 'back to basics' strategy of focusing on offering quality hardwood flooring at the best price from the most knowledgeable flooring experts in the industry," said Sullivan.  "I am proud of the work we have accomplished over the last several months to return Lumber Liquidators back to basics."
 
"Lumber Liquidators is fortunate to have someone with John's operational expertise and track record of successful turnarounds to lead the Company forward," said  Taylor.  "John also brings deep experience managing companies in highly regulated industries, which will be instrumental to Lumber Liquidators moving forward.  As head of the Special Committee, John played a pivotal role in helping the company address its legacy issues, displaying invaluable leadership."
 
Presley has been a Director of Lumber Liquidators since April 2006, and was appointed Chairman of the Board in May 2015.  Previously, he served as the Chief Executive Officer of First Capital Bancorp since 2008.  Prior to March 2008, he was Head of Strategic Initiatives at Fifth Third Bancorp, where he was responsible for executing banking strategies in existing and emerging markets.  He served as Chief Financial Officer for Marshall & Ilsley Corp. from 2004 to 2006.  Earlier in his career, he was Chief Financial Officer of National Commerce Financial Corp. in Memphis, Tennessee, and President and Chief Executive Officer of First Market Bank in Richmond, Virginia.  Mr. Presley holds a B.A. in Economics and Business Administration from Rhodes College.
 
Nancy M. Taylor
Nancy M. Taylor has been a Director of Lumber Liquidators since April 2014.  She previously served as the President and Chief Executive Officer of Tredegar Corporation from January 2010 to June 2015.  Prior to that, she was Executive Vice President of Tredegar responsible for corporate business development in addition to her role as President of Tredegar Film Products.  Previously, she served in roles of increasing responsibility at Tredegar since she joined the company in 1991.  Before joining Tredegar, she was an associate at the law firm of Hunton & Williams.  Ms. Taylor received a B.A. degree at College of the Holy Cross and a law degree from Catholic University of America.
 
Thomas D. Sullivan 
Thomas D. Sullivan founded Lumber Liquidators.  Prior to returning to management as Acting Chief Executive Officer in May 2015, he served as Chairman of the Board of Directors from Lumber Liquidators' inception in 1994 through May 2015.  Prior to September 2006, Mr. Sullivan also served as President and Chief Executive Officer since the Company's incorporation in 1994.  Mr. Sullivan serves on the Board of Directors of several privately held companies.
 
About Lumber Liquidators
With more than 370 locations, Lumber Liquidators is North America's largest specialty retailer of hardwood flooring. The Company features more than 400 top quality flooring varieties, including solid and engineered hardwood, bamboo, cork, laminate and resilient vinyl. Additionally, Lumber Liquidators provides a wide selection of flooring enhancements and accessories to complement, install and maintain your new floor. Every location is staffed with flooring experts who can provide advice and useful information about Lumber Liquidators' low priced product, much of which is in stock and ready for delivery.

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