IN BRIEF: SEC CHARGES FORMER KMART EXECS... CHANGES AT FURNITURE BRANDS... PAVIGLIANTI TO HEAD SLEEP COUNTRY...
Charles Conaway, Kmart's former chief executive officer, and John McDonald, the former chief financial officer, have been charged by the Securities and Exchange Commission for financial fraud leading to the company's bankruptcy. The executives, according to the SEC, "are responsible for materially false and misleading disclosure about the company's liquidity and related matters in the Management's Discussion and Analysis section of Kmart's form 10-Q for the third quarter and nine months ended Oct. 31, 2001, and in an earnings conference call with analysts and investors."
The news followed a report last week that Conaway was cleared of wrongdoing in a civil lawsuit filed by Kmart's former creditors in connection with alleged misdeeds -- from excessive compensation to accounting improprieties.The civil lawsuit involved Conaway, McDonald and other former Kmart executives. The other cases are still pending.
CHANGES AT FURNITURE BRANDS
Nancy W. Webster has been appointed president and chief executive officer of Thomasville Furniture Industries, a subsidiary of Furniture Brands International. Previously, Webster was vice president of hard-lines product design and development for Target Corp. Tom Tilley, formerly president and CEO of Thomasville, has been appointed president of Henredon, succeeding Steve McKee, who left the company to pursue other interests.
Also, Steve Gane has been appointed executive vice president and chief operating officer of Thomasville, reporting to Webster. He was formerly president of HBF, the contract division of Furniture Brands.
Charles C. Bell, formerly vice president of sales and marketing at HBF, will succeed Gane as president and will report to him.
PAVIGLIANTI TO HEAD SLEEP COUNTRY
Simmons Bedding Co. has named Joseph A. Paviglianti president of Sleep Country USA, its retail subsidiary. Paviglianti, formerly vice president of sales and operations at Sleep Country, succeeds Steve Fendrich, who earlier was named vice president of sales at Simmons.
Also, Charles Dietiker, formerly regional vice president of sales at Simmons, has been appointed vice president of sales and operations for Sleep Country. He reports to Paviglianti.
GIFT FAIR IN ATLANTA CANCELED
The semiannual Gift Fair in Atlanta at the Georgia World Congress Center has been canceled, with organizers citing "current market conditions in Atlanta."
"We feel it is in the best interest of our customers to cancel the show," said Doug Miller, president of Urban Expositions. George Little Management and Urban Expositions launched the Gift Fair in July 2002.
"[We] have found that there is just not enough demand to support an additional product resource in Atlanta," Miller said. "We cannot expect exhibitors to continue supporting an exhibition where current market conditions are negatively impacting our ability to increase buyer attendance."
BARDWIL NAMES NEW DESIGN DIRECTOR
Bardwil Linens has named Stephanie Salway to the newly created position of design director of kitchen textiles. Salway will oversee the design and product development of all kitchen products. She reports to Julie Chisholm-Polich, vice president of design.
Prior to joining Bardwil, Salway was vice president of design at Town & Country Living. During her nine years with the company, she focused on the development of coordinated kitchen and tabletop programs for key retailers.
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|Comment:||IN BRIEF: SEC CHARGES FORMER KMART EXECS... CHANGES AT FURNITURE BRANDS... PAVIGLIANTI TO HEAD SLEEP COUNTRY...|
|Publication:||HFN The Weekly Newspaper for the Home Furnishing Network|
|Date:||Aug 29, 2005|
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