Lumber Liquidators CEO resigns ‘unexpectedly’

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By Roger Yu

Lumber Liquidators (LL), the embattled hardwood flooring retailer, said Thursday that CEO Robert Lynch “unexpectedly” resigned, following weeks of struggles stemming from safety concerns related to its products.

Shares of the company plummeted 16.5% in regular trading to $21.10.

The Toano, Va.-based company will search nationally for a replacement, it said. Company founder Thomas Sullivan will serve as acting CEO.

Lynch also stepped down from the board of directors. John Presley, its lead independent director, will be non-executive chairman of the board. The appointments are effective immediately.

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