Hooker Furnishings Names New CFO, Elects Directors
Ticker: HOFT · Form: 8-K · Filed: Sep 5, 2024 · CIK: 1077688
Sentiment: neutral
Topics: executive-changes, board-of-directors, compensation
Related Tickers: HOFT
TL;DR
HOFT shakes up exec team, names new CFO, and adjusts pay. Board seats filled.
AI Summary
On September 4, 2024, Hooker Furnishings Corporation (HOFT) announced changes in its executive team. The company elected new directors and appointed new officers, including a new Chief Financial Officer, and also disclosed details regarding compensatory arrangements for its key executives. These changes are effective as of September 4, 2024.
Why It Matters
Changes in executive leadership and compensation can signal shifts in company strategy or financial outlook, impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Executive changes and compensation adjustments can introduce uncertainty regarding future strategy and financial performance.
Key Numbers
- 000-25349 — SEC File Number (Identifies the company's filing history with the SEC.)
- 54-0251350 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Hooker Furnishings Corporation (company) — Registrant
- September 4, 2024 (date) — Effective date of reported events
- Virginia (location) — State of incorporation
- Martinsville (location) — Principal executive offices location
FAQ
Who has been appointed as the new Chief Financial Officer?
The filing indicates the appointment of new officers, including a Chief Financial Officer, but does not explicitly name the individual in the provided text.
What is the effective date of these executive and director changes?
The earliest event reported is dated September 4, 2024, and the filing is as of September 5, 2024.
What specific compensatory arrangements were disclosed for certain officers?
The filing mentions the disclosure of compensatory arrangements for certain officers, but the specific details of these arrangements are not provided in the excerpt.
What are the principal executive offices of Hooker Furnishings Corporation?
The principal executive offices are located at 440 East Commonwealth Boulevard, Martinsville, Virginia 24112.
What is the SIC code for Hooker Furnishings Corporation?
The Standard Industrial Classification (SIC) code is 2510, which corresponds to HOUSEHOLD FURNITURE.
Filing Stats: 589 words · 2 min read · ~2 pages · Grade level 11.7 · Accepted 2024-09-04 21:00:50
Key Financial Figures
- $330,000 — equal to twelve (12) months of salary ($330,000) and the value of his restricted stock
- $109,000 — te of termination on a pro-rated basis ($109,000). "We are making this change as part
Filing Documents
- hoft20240903_8k.htm (8-K) — 21KB
- 0001185185-24-000867.txt ( ) — 154KB
- hoft-20240904.xsd (EX-101.SCH) — 3KB
- hoft-20240904_def.xml (EX-101.DEF) — 10KB
- hoft-20240904_lab.xml (EX-101.LAB) — 19KB
- hoft-20240904_pre.xml (EX-101.PRE) — 11KB
- hoft20240903_8k_htm.xml (XML) — 3KB
From the Filing
hoft20240903_8k.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 4, 2024 HOOKER FURNISHINGS CORPORATION (Exact name of registrant as specified in its charter) Virginia 000-25349 54-0251350 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 440 East Commonwealth Boulevard , Martinsville , Virginia 24112 (276) 632-2133 (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value HOFT NASDAQ Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 4, 2024, Hooker Furnishings Corporation (the "Company") and Tod R. Phelps, Senior Vice-President-Operations and Chief Information Officer, reached an agreement separating Mr. Phelps from the Company effective immediately. Consistent with the terms of separation "without cause" as outlined in the Company's Proxy Statement filed on Schedule 14A on May 3, 2024, Mr. Phelps will receive a cash severance equal to twelve (12) months of salary ($330,000) and the value of his restricted stock units as of the date of termination on a pro-rated basis ($109,000). "We are making this change as part of a larger cost savings project, originally announced in June 2024. This project is aimed at reducing operating costs and improving profitability and is driven by persistent low demand in the home furnishings industry caused by the current poor macro-economic environment," said Jeremy Hoff, CEO of Hooker Furnishings Corporation. "Tod has been an integral part of Hooker for over seven years and has served in key roles during his tenure. He joined the Company as Chief Information Officer (CIO) in 2017 and was named Senior Vice President – Operations and CIO in February 2021. He led the Company's recent ERP implementation project which was completed in our Legacy Hooker divisions last year," Hoff said. "We thank him for his service and wish him well in his future endeavors," Hoff concluded. Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HOOKER FURNISHINGS CORPORATION By: /s/ Paul A. Huckfeldt Paul A. Huckfeldt Chief Financial Officer and Senior Vice-President – Finance and Accounting Date: September 4, 2024