Investing.com -- Lumber Liquidators Holdings Inc (N:LL) CEO John Presley said on Tuesday afternoon that he will remain actively involved in the day-to-day operations of the company after being diagnosed with a treatable form of Leukemia.
In a filing with the U.S. Securities and Exchanges Commission, Presley said he has decided to begin a 30-day treatment program at a hospital in Richmond, Virginia. Presley, 54, expects that his travel schedule will be restricted during the current treatment and could be limited for some time shortly thereafter.
"I am not the first CEO to face this challenge and will not be the last," Presley said in the letter. "I am fortunate to have a talented, committed group of team members here at Lumber Liquidators working hard together on behalf of all of us. Our Lumber Liquidators University meeting in late January was incredible and truly one of the most rewarding events of my professional career. It was a wonderful kick-off to the year and gave us a clear direction of our priorities and a renewed passion about the work we are doing as a company."
"I am honored to be associated with such exceptional people and to have the support of our Board," Presley added.
Presley, who joined the Virginia-based hardwood flooring company in November, previously spent eight years as the CEO and Managing Director of First Capital Bancorp, beginning in October, 2008. Prior to that, Presley served as the CFO of Marshall & Ilsley Corporation, a Milwaukee-based bank holding company for a three-year period through March, 2006.
In October, Lumber Liquidators agreed to pay fines amounting to $10 million to settle federal charges related to violations of the Lacey Act. The charges stem from the company's illegal importation of hardwood flooring, much of which came from Eastern Russia. The charges were unrelated to a CBS News investigation of the company's sale of Chinese laminate wood flooring, which allegedly contained toxic levels of formaldehyde, a cancer-causing agent.
Shares in Lumber Liquidators fell 0.11 or 0.80% to 13.71 in after-hours trading. Lumber Liquidators added 1.49 or 12.08% to 13.82 in Tuesday's regular session.