ATLANTA, GEORGIA, August 14, 2012 - At the quarterly meeting of the Board of Directors of HAVERTY FURNITURE COMPANIES, INC., (NYSE: HVT and HVT.A) Clarence H. Smith was elected chairman succeeding L. Phillip "Phil" Humann who was elected lead director.
Mr. Smith will continue to serve as Havertys' president and chief executive officer, a position he has held since 2003. Mr. Smith was elected a director in 1981. During his 38 years' tenure with Havertys he has worked in a variety of roles both in the corporate and retail operations. Mr. Smith also serves as a director of Oxford Industries, Inc. and is a member of the board of trustees of Marist School.
Mr.Humann has served on Havertys' board since 1992 and was elected chairman in 2010 upon the retirement of Clancy H. Ridley. Mr. Humann retired from SunTrust Banks, Inc. in 2009 where he served as chairman of the board for ten years, during eight of which he was also CEO. He currently is presiding director of Equifax, Inc. and Coca Cola Enterprises Inc.
Mr. Humann remarked, "It has been a privilege to serve as chairman of a company with such a long history of integrity and success. Clarence's leadership, strategic decision-making and dedication to Havertys' mission during these challenging years is confirmation of his abilities to direct the company's course in the future."
"Phil's experience as a former chairman and chief executive of a Fortune 500 company, great business acumen and temperament made him an excellent chairman during a transitional period as Havertys has improved its financial strength and reignited its growth," said Mr. Smith. "I look forward to his personal guidance and his continuing service on our board in the important role of lead director. Havertys has had six chairmen since its founding in 1885 and I am honored to be chosen by the board to continue to lead the company forward."
The directors also declared a quarterly cash dividend to be paid on the two classes of $1par value common stock of the company, payable Wednesday, September 12, 2012 to stockholders of record at the close of business on Monday, August 27, 2012, at a rate of $0.04 per share on the outstanding shares of Common Stock (Cusip #419596101) and $0.0375 per share on the outstanding shares of Class A Common Stock (Cusip #419596200).
Havertys has paid a cash dividend in each year since 1935.
Havertys is a full-service home furnishings retailer with 120 showrooms in 17 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Additional information is available on the Company's website at www.havertys.com.
Haverty Furniture Companies, Inc., 404-443-2900
Jenny Hill Parker
SVP, Finance, Secretary and Treasurer
SOURCE: Haverty Furniture Companies, Inc.