Lumber Liquidators Names New CEO; Dennis R. Knowles Formerly Company's COO

Lumber Liquidators Holdings Inc. said late Monday Chief Executive John Presley has resigned, effective Wednesday, and the company has named Dennis R. Knowles, Lumber Liquidators' chief operating officer, Presley's successor. Presley will resign from the company's board of directors Dec. 15, and Knowles has been appointed to the board effective that date. Knowles joined the Toano, Va., company in March. Presley had been a director of the company since April 2006 and stepped up as CEO in November 2015 as part of a turnaround effort following the fallout from a "60 Minutes" report in March 2015 saying that Lumber Liquidators allegedly sold China-made wood flooring containing dangerous levels of cancer-causing formaldehyde.A federal ruling in June indicated that a full recall of some of the China-made flooring wasn't necessary given that none of the tests found formaldehyde above the remediation guideline. Shares of Lumber Liquidators were flat in the extended session after ending the regular trading day down 0.6%.