Tropitone names new CEO
Casual Living Staff -- Casual Living, July 1, 2008
Michael Echolds stepped aside as Tropitone Furniture Co.’s chief executive officer, a position he held since 1995. Cap Hendrix was named as the company’s new CEO.
Hendrix served as a member of Tropitone’s board of directors from 1998-2007, and played a key leadership role in shaping Tropitone’s successful business strategy.
“Over the years, Tropitone has achieved a strong and enviable market position,” Hendrix said. “We intend to build on Tropitone’s heritage and business success as we maximize future opportunities.”
Echolds, who remains a shareholder, will continue to advise Tropitone’s operating board and assist the management team.
“Tropitone’s sales in both the retail and hospitality markets have grown dramatically in the past 13 years, and we have succeeded in maintaining this growth through several economic slowdowns,” Echolds said. “We also have achieved sustained profitability while continuing to design high-quality, durable, innovative and award-winning casual furniture collections.”
Echolds provided leadership that made it possible for the company to be a market leader in the casual furniture industry, according to James J. Norton, chairman of the Tropitone board of directors and managing director of Pfingsten Partners, which became Tropitone’s majority shareholder in October 2007.