Editorial: Time to clean house at Furniture Brands HQ
The past few days, we read some things that gave us hope that maybe, just maybe, Ralph Scozzafava will soon be out on his butt.
Or, more likely, deploying his golden parachute.
Either way, Furniture Brands International’s CEO can’t vacate the premises soon enough.
And unless the new owners of Furniture Brands, KPS Capital Partners, have adopted recently a completely different philosophy than was espoused by partner Michael Psaros in multiple interviews just a few years ago, Scozzafava’s days have to be numbered.
In 2010, Psaros told a magazine that focuses on the turnaround industry that KPS always -- always -- brings in a new management team. “We would never invest our capital behind a management team that has caused a train wreck,” he said.
Have you ever seen a train more wrecked than Furniture Brands?
In 2009 Psaros told the Financial Times that bringing in a new CEO distances KPS from the “discredited” previous management and helps build trust with workers.
"Discredited" doesn't begin to describe Furniture Brands' top management. And KPS will be in abundant need of building trust if, as the company’s track record indicates, it bases its turnarounds on quality and worker productivity, not financial sleight of hand.
Furniture Brands' current leadership team has sacked and looted once-dominant brands and sent thousands of people to the unemployment line only to pile up several years of losses totaling tens of millions of dollars, all while padding their own pockets with undeserved bonuses.
Scuzzyface -- we like to call him Scuzzyface -- and the rest of his wrecking crew will never suffer the way they should. Just please, someone, get them out of the way, and the sooner the better.
We suppose it’s asking too much for KPS to hire Donald Trump for one day and record the executives' dismissal for playback on Caldwell TV: “You’re fired!”
We can dream, can’t we?