Retail News

Ethan Allen CEO out as chair after activist board shakeup

Reported by Retail Dive, Daphne Howland on Nov 5, 11:41 AM ET

Financier Doug Bergeron, who will be one of the furniture retailer’s new directors, has slammed the company’s leadership for months. Ethan Allen shareholders have shaken up the furniture retailer’s board, on Wednesday replacing three directors with people nominated by activist investor Doug Bergeron. Board chair and CEO Farooq Kathwari was not reelected, according to a preliminary vote count. Just two of the company’s five nominees were chosen. Bergeron, who owns about 5% of Ethan Allen’s stock, in August slammed Kathwari’s leadership and nominated candidates to replace the entire board. He is on the winning slate.

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