LL Flooring Appoints Interim CFO
On March 6, 2023, the Board of Directors of LL Flooring Holdings, Inc. (the “Company”) appointed Terry Blanchard as Interim Chief Financial Officer, effective as of March 13, 2023. Pursuant to the terms of a Services Agreement (defined below), Mr. Blanchard will provide transition services to the Company until a permanent Chief Financial Officer is appointed. Mr. Blanchard, age 69, has more than 25 years of financial, accounting and business experience as a senior executive, including for several public and private companies. From 2006 to 2013 and from 2015 to present, he has provided financial consulting and chief financial officer services to a variety of public and private companies as a partner of Randstad Professionals US, LLC d/b/a Tatum (“Tatum”), an executive services firm. From 2013 to 2015, he was Chief Financial Officer and Chief Operating Officer at Nuestro Queso LLC, a privately-owned food manufacturer. From 1999 to 2006, he was President and Chief Financial Officer at Florsheim Group, a publicly-owned consumer products retailer, distributor and manufacturer.
In connection with the appointment of Mr. Blanchard, the Company entered into an services agreement, dated as of March 6, 2023 (the “Services Agreement”), with Tatum. Pursuant to the Services Agreement, Tatum will be paid hourly professional fees for the services provided by Mr. Blanchard. The Company has also agreed to maintain officer insurance coverage covering Mr. Blanchard while the Services Agreement remains in effect. The Company may terminate the Services Agreement and the services of Mr. Blanchard at any time and for any reason upon two weeks’ written notice. Upon such termination, the Company shall only be responsible for the fees and expenses that have accrued under the Services Agreement through the date of termination.
There are no arrangements or understandings between Mr. Blanchard and any other persons pursuant to which he was retained as Interim Chief Financial Officer, other than the Services Agreement discussed above. There are no financial relationships between Mr. Blanchard and any of the Company’s directors or executive officers and Mr. Blanchard has no direct or indirect material interest in any transaction required to be disclosed by the Company pursuant to Item 404(a) of Regulation S-K.
The Company is continuing to work with a leading executive search firm to assist in the search for a permanent Chief Financial Officer.
Source: LL Flooring Holdings, Inc.