Financial News Release


La-Z-Boy Casegoods Group Announces Management Appointments

MONROE, Mich., Jan 3, 2002 /PRNewswire via COMTEX/ -- La-Z-Boy Incorporated (NYSE: LZB; PCX) today announced two new executive management appointments in its Casegoods (wood furniture) Group. William R. "Bill" Johnson has been named to the new position of senior vice president - manufacturing for the Casegoods Group, and Thomas G. "Tom" Tilley has been named president of Pennsylvania House, a Casegoods Group company, replacing Ken Fonville, who has resigned. Johnson has most recently served as senior vice president - operations for the Casegoods Group Kincaid company, while Tilley has served as vice president of merchandising for the Casegoods Group.

Don Mitchell, president of La-Z-Boy Casegoods Group said, "In his new management position, we anticipate Bill will play a key role in helping ensure that all of our casegoods (wood furniture) assets are managed for the optimum benefit of the corporation as a whole. Reporting to me, Bill will have overall responsibility for purchasing, scheduling and the consolidation of operations throughout the casegoods group -- which includes American Drew, American of Martinsville, Hammary, Kincaid, Lea Industries and Pennsylvania House -- as well as additional diverse responsibilities." Mitchell continued, "Tom has more than 28 years of furniture industry experience, and his broad furniture background and strong management skills make him an excellent choice to lead the Pennsylvania House organization successfully in the coming years. We appreciate the contributions Ken Fonville has made to Pennsylvania House during his tenure as president and wish him well as he moves forward with his career."

Johnson joined Kincaid Furniture Company in June 1995, with responsibility for the company's manufacturing, quality assurance, engineering and environmental, purchasing, customer service and human resources activities. During his 31-year years in the furniture industry, he has held several senior manufacturing positions at both Broyhill, where he worked for 21 years, and at Singer Furniture, where he worked from 1990-1995. A graduate of North Carolina State University with a B.S. degree in engineering operation, Johnson is a member and chairman of the board of Caldwell Memorial Hospital and a past president of the AFMA's Manufacturing Division.

Tilley, a graduate of the University of North Carolina at Chapel Hill and the Amos Tuck School of Business Administration Executive Program at Dartmouth College, joined the Casegoods Group in 1995 as vice president of casegoods merchandising. Previously, he served as senior vice president of Century Furniture's home furnishings operations, spent six years as senior vice president of product development for the Masco Home Furnishings Group and also, worked for Armstrong World Industries for 21 years. While at Armstrong's Thomasville Furniture Industries subsidiary, from 1981 through 1989, he directed Thomasville's wood product and marketing programs.

With annual sales in excess of $2 billion, La-Z-Boy Incorporated is one of the world's largest residential furniture producers. The La-Z-Boy Incorporated family of companies produces and markets furniture for every room of the home and office under the brand names Alexvale, American Drew, Bauhaus, Centurion, Clayton Marcus, England, Hammary, HickoryMark, Kincaid, La-Z-Boy, La-Z-Boy Contract Furniture Group, Lea, Pennsylvania House and Sam Moore. And, under the American of Martinsville brand name, La-Z-Boy is also a leading manufacturer of contract furniture for the hospitality and assisted-living markets. La-Z-Boy's stock is traded on the New York and Pacific stock exchanges under the trading symbol: LZB. Additional information on the company is available at

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SOURCE La-Z-Boy Incorporated

CONTACT:          Mark Stegeman of La-Z-Boy Incorporated, +1-734-241-4418, or

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