Hooker Furniture Restructures Leadership for Cost Efficiency

An announcement from Hooker Furniture (HOFT) is now available.

Hooker Furnishings Corporation has parted ways with Tod R. Phelps, their Senior VP-Operations and Chief Information Officer, as part of a broader initiative to curb expenses and increase profitability amidst a downturn in the home furnishings market. Phelps, who has contributed significantly to the company for over seven years, will receive a severance package that includes a year’s salary and a portion of his restricted stock. CEO Jeremy Hoff acknowledges Phelps’s key role in the company’s recent projects and expresses gratitude for his service.

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