Eric Schenk
Alex Shuford III
Eric Schenk will retire as president and CEO of Century Furniture on April 1 and Alex Shuford III, currently the vice president of sales and marketing, will take over as president, the company announced Wednesday.
In addition, an ownership change is in the works for the high-end, full-line manufacturer, although the company will remain within the family.
Members of the Alex Shuford II family - including Alex Shuford III, Comer Shuford Wear, Brandon Hucks and Evan Bledsoe - are acquiring Century Furniture from CV Inds. in a stock transaction. CV Inds., parent company of Century and fabric supplier Valdese Weavers, is owned by a larger number of the extended Shuford family.
Richard Reese, chief financial officer for CV Inds., said the Alex Shuford II family will exchange a portion of its CV stock for all of the Century Furniture stock in a deal that will be completed later this spring. Reese declined to place a value on the transaction.
After the deal is completed, Century will operate as a separate company, he said.
Schenk's retirement will cap a 40-year career with the company. He joined Century after graduating from college in 1973, holding positions including human resources manager, industrial engineer, plant manager and vice president of manufacturing, before being named chief operating officer in 2000 and president and CEO in 2010.
"I am proud of what the company has accomplished over the course of my career, and I will always be proud to be associated with the Century family," Schenk said. "Alex will be an effective president for Century having led our sales and marketing efforts for several years and our upholstery operations before that. I wish him well in his new role and am confident of Century's future success."
Harley F. "Buck" Shuford Jr., chairman of CV Inds. and longtime former president of Century, said, "CV, Century and the Shuford family are extremely grateful for Eric's many contributions at Century throughout his career. He has been a tremendous leader at all levels of the company for over 40 years."
"We will certainly miss Eric at Century," said Alex Shuford II, vice chairman and chief executive officer of CV Industries. "It is rare today to have a legacy with one company that includes the accomplishments that he has had. We wish him all the best in his retirement."
Alex Shuford III has worked for Century since September 2001. Prior to that he owned and operated his own company in San Francisco.
"I am honored to be given the opportunity to lead such a wonderful team," he said. "Eric Schenk has positioned the company for strength and success, and I look forward to building on that foundation."
"I am pleased that Century is remaining a family-owned business and that it will be operated by the family members who own it, including my brother Alex and his family," said Harley Shuford Jr. "CV will focus its energy and resources on supporting the further development of the Valdese Weavers business."
