Douglas Williams will retire from his job as president and chief operating officer at Hooker Furniture Corp. and receive a retirement package worth about $2 million, the company has announced.


The Martinsville, Va., company will give Williams a lump-sum payment of $215,000 when he retires Oct. 31. He will also receive $1.7 million in payments under the company’s retirement plan as well as $23,000 for unused vacation time, according to documents Hooker (NASDAQ: HOFT – News) filed with the Securities and Exchange Commission.

The company will record $1.4 million in compensation expenses in the third quarter in connection with the retirement package.

Published October 4, 2013 by The Business Journal