Interface Elects Dan Hendrix Chairman Of Board Of Directors
ATLANTA, Oct. 26, 2011 /PRNewswire/ -- Interface, Inc. (Nasdaq: IFSIA), a worldwide floorcoverings company and global leader in sustainability, today announced that Daniel T. Hendrix has been elected Chairman of the Board of Directors. Mr. Hendrix succeeds Ray C. Anderson, the Company's founder and renowned sustainability visionary, who passed away on August 8, 2011.
Mr. Hendrix has served as President and Chief Executive Officer of Interface since July 2001, and will now assume the additional role as Chairman. He joined the Company in 1983 and was promoted to Treasurer in 1984, Chief Financial Officer in 1985, Vice President-Finance in 1986, Senior Vice President in 1995, and Executive Vice President in 2000, prior to being named President and Chief Executive Officer in 2001. Mr. Hendrix was elected to the Board of Directors in 1996 and has served on its Executive Committee since 2001.
"For almost 30 years at Interface, Dan has demonstrated exceptional leadership skills and has been instrumental in the success and growth of the Company, both organically and through its many acquisitions," said Carl I. Gable, the Board's Lead Independent Director. "We look forward to Dan's continued leadership in the role of Chairman and have confidence that he has the strategic insight and vision to build upon the Interface legacy created by Ray Anderson."
Interface, Inc. is the world's largest manufacturer of modular carpet, which it markets under the InterfaceFLOR, FLOR, Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the designer quality segment of the broadloom carpet market. The Company is committed to the goal of sustainability and doing business in ways that minimize the impact on the environment while enhancing shareholder value.Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 : Except for historical information contained herein, the other matters set forth in this news release are forward looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including risks and uncertainties associated with economic conditions in the commercial interiors industry as well as the risks and uncertainties discussed under the heading "Risk Factors" included in Item 1A of the Company 's Annual Report on Form 10-K for the fiscal year ended January 2, 2011, which discussion is incorporated herein by this reference, including, but not limited to, the discussion of specific risks and uncertainties under the headings " The ongoing worldwide financial and credit crisis could have a material adverse effect on our business, financial condition and results of operations," "Sales of our principal products have been and may continue to be affected by adverse economic cycles in the renovation and construction of commercial and institutional buildings," " We compete with a large number of manufacturers in the highly competitive commercial floorcovering products market, and some of these competitors have greater financial resources than we do," "Our success depends significantly upon the efforts, abilities and continued service of our senior management executives and our principal design consultant, and our loss of any of them could affect us adversely," "Our substantial international operations are subject to various political, economic and other uncertainties that could adversely affect our business results, including by restrictive taxation or other government regulation and by foreign currency fluctuations," "Large increases in the cost of petroleum-based raw materials could adversely affect us if we are unable to pass these cost increases through to our customers," "Unanticipated termination or interruption of any of our arrangements with our primary third party suppliers of synthetic fiber could have a material adverse effect on us," "We have a significant amount of indebtedness, which could have important negative consequences to us," "The market price of our common stock has been volatile and the value of your investment may decline," "Our earnings in a future period could be adversely affected by non-cash adjustments to goodwill, if a future test of goodwill assets indicates a material impairment of those assets," "The estate of our former Chairman Ray Anderson, together with other insiders, currently has sufficient voting power to elect a majority of our Board of Directors," and "Our Rights Agreement could discourage tender offers or other transactions for our stock that could result in shareholders receiving a premium over the market price for our stock." Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company assumes no responsibility to update or revise forward-looking statements made in this press release and cautions readers not to place undue reliance on any such forward-looking statements. SOURCE Interface, Inc.
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