Hooker Furnishings to Appoint New Independent Director with Industry Expertise

Core Viewpoint - Hooker Furnishings Corporation has entered into a cooperation agreement with Global Value Investment Corporation (GVIC) to appoint an independent director with industry expertise to its Board, enhancing governance and strategic direction [1][2][3] Group 1: Cooperation Agreement - The cooperation agreement stipulates that GVIC and Hooker will work together to identify a mutually agreeable independent director within 45 days [1] - Upon identification, the Board will increase its size from eight to nine members and appoint the new director immediately [1] - GVIC has committed to vote in favor of Hooker's nominees at the 2026 and 2027 annual meetings, subject to certain conditions [3] Group 2: Leadership Changes - W. Christopher Beeler, Jr., the Board Chair, plans to retire at the 2026 annual meeting and will not seek re-election, a decision made without any disagreement with the Company [2][3] - The CEO of Hooker expressed gratitude for Beeler's 33 years of service, highlighting his instrumental role in navigating economic cycles [3] Group 3: Company Overview - Hooker Furnishings Corporation is a designer, marketer, and importer of various home furnishings, including casegoods, upholstered furniture, and outdoor furniture, serving residential and commercial markets [4][5] - The company operates manufacturing facilities in Virginia, North Carolina, and California, with distribution centers in Virginia, North Carolina, and Vietnam [5]