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Stanley Furniture Announces Election Of Additional Director, New Board Chairman And New Chief Financial Officer

Stanley Furniture Company, Inc. (Nasdaq-NGS:STLY) announced today that D. Paul Dascoli has been elected to its Board of Directors, Michael P. Haley has been elected to become Chairman of the Board of Directors effective January 1, 2011, and Micah S. Goldstein has been elected Chief Financial Officer effective December 9, 2010.

D. Paul Dascoli is Vice President/Chief Financial Officer of VF Jeanswear Limited Partnership, a division of VF Corporation (NYSE:VFC), a global leader in branded lifestyle apparel. From 1996 to 2006, Mr. Dascoli served in several capacities with Thomasville Furniture Industries, Inc., a division of Furniture Brands International. Mr. Dascoli’s term as a director will end in 2013 and his election is in connection with the previously announced decision by Thomas L. Millner that he expects to resign as a director in early 2011.

Michael P. Haley will become Chairman effective January 1, 2011 in connection with the previously announced retirement of Albert L. Prillaman. Mr. Prillaman will continue to serve as a director. Mr. Haley, who will serve as Chairman in a non-executive capacity, has served as an independent director since 2003, has been lead director since May 2010, and is Chairman of the Corporate Governance and Nominating Committee of the Board of Directors. Mr. Haley is the former president of case goods manufacturing at American of Martinsville.

Micah S. Goldstein, Chief Operating Officer of the Company, was also elected Chief Financial Officer on December 9, 2010 in connection with the previously announced retirement of Douglas I. Payne as Executive Vice President – Finance and Administration. Mr. Goldstein joined the Company in August 2010 and previously served as President and Chief Executive Officer of Bri-Mar Manufacturing, a manufacturer of hydraulic equipment trailers.

“We are pleased to have Paul Dascoli join our Board and for Mike Haley to become Chairman at the beginning of 2011,” said Glenn Prillaman, President and Chief Executive Officer of the Company. “Both men have first-hand knowledge of the furniture industry as well as a breadth of other experience that will be of value to the Company as we move forward with our restructuring plan and as we develop strategy in the future. We also thank Doug Payne for his career contributions and welcome Micah Goldstein into his expanded role.”

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