La-Z-Boy CEO to step down in late April, to be replaced by CFO

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La-Z-Boy Inc.
LZB,
-2.08%
shares initially slumped 6% in extended trading Tuesday after the retailer announced the retirement of its chief executive, Kurt L. Darrow, effective April 25. Darrow, who spent more than 40 years at the company, will be replaced by Chief Financial Officer Melinda D. Whittington. La-Z-Boy, which reported a 1% dip in third-quarter sales to $470.2 million on Tuesday, said it returned $7.4 million to shareholders through share repurchases and dividends during the quarter. The company reported net income of $29.2 million, or 62 cents a share, compared with $34.5 million, or 74 cents a share, in the same quarter a year ago. La-Z-Boy shares have gained 24.5% over the last 12 months, while the broader S&P 500 index
SPX,
-0.06%
is up 16% the past year.

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