Lumber Liquidators today announced that Robert Lynch unexpectedly notified the company of his resignation as president and CEO.

Subsequently, the board also accepted his resignation as a director on the company’s board. The retailer said it intends to commence a national search for Lynch's replacement. In the interim, Thomas Sullivan, Lumber Liquidators’ founder, will serve as acting CEO. 

The company also announced that John Presley, the lead independent director, has been appointed as non-executive chairman. Both appointments are effective immediately.

This all follows allegations from a “60 Minutes” story that certain laminate floors the company sold had high levels of formaldehyde in them, a claim the company is fighting. Since the story, Lumber Liquidators’ stock price has steadily fallen and it most recently posted a net loss of $7.8 million for the first quarter of this year compared to a $13.7 million profit over the same period in 2014.

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