Furniture Brands International Inc. will pay its new CEO, Ralph Scozzafava, an annual base salary of $700,000, which is subject to review once he assumes the title of chairman, according to a regulatory filing Monday.


W.G. “Mickey” Holliman said June 14 that he plans to retire as the firm’s CEO effective Jan. 1, 2015. Holliman will remain chairman of the firm until May 1, 2015, when Scozzafava is set to succeed him.

In addition, Furniture Brands said in the Securities and Exchange Commission that Scozzafava will be eligible for an annual bonus of up to 100 percent of his salary. He was also awarded stock options valued at $700,000 for 2014 and 2015.

Scozzafava’s employment agreement, which includes four weeks of vacation, began June 18 and ends June 30, 2017, unless extended.

Scozzafava served most recently as the vice president of worldwide commercial operations of Wm. Wrigley Jr. Co.

St. Louis-based Furniture Brands International Inc. (NYSE: FBN) manufactures furniture under the Thomasville, Henredon, Drexel Heritage, Maitland-Smith, Broyhill and Lane brands.

Published June 19, 2014 by the St. Louis Business Journal