Hooker Furnishings CAO to depart in cost-cutting plan

Martinsville-based furniture maker Hooker Furnishings is parting ways with its chief administration officer as part of its ongoing cost-cutting initiatives.

Anne Smith, who had been with the whole home supplier for 17 years, was also president of Hooker’s domestic upholstery business. Smith joined Hooker as director of human resources, and 10 years later was named chief administrative officer. She assumed the upholstery role in 2021.

In a statement to Furniture Today, the company said Smith’s departure is in line with its ongoing plan to “better align our overhead with current market conditions. There has been no change to that plan, this is simply a portion of the previously announced effort.”

The company is in the midst of a three-phase cost reduction program to eliminate about $25 million in annualized expenses by fiscal 2027, roughly 25% of its fixed costs. A number of high-profile executives have left the company this year as part of cost cutting.

The company declined to outline a specific headcount for those impacted by the cost cutting, but did say that “no other executive departures were announced in connection with this disclosure, and there are no new developments to add beyond what is already in the public domain.”

Smith’s departure is effective Oct. 31, and according to the Form 8-K filed with the Securities and Exchange Commission, she will receive severance consistent with the “without cause” termination provisions the company announced in May.

“Hooker Furnishings is taking decisive steps to return the business to profitability,” said Jeremy Hoff, CEO of Hooker Furnishings. “We are making this change as part of a broader cost savings initiative aimed at reducing fixed costs by $25 million or 25%. Our cost-reduction and growth initiatives are positioning the company to maintain resilience in today’s challenging environment and to strategically capture growth when demand returns.”

Hoff said Smith plans to retire following her departure.

“We thank Anne for her leadership, friendship and dedicated service, and wish her the very best in a well-deserved retirement,” Hoff said.