Lumber Liquidators CEO Resigns 'Unexpectedly'

Lumber Liquidators, the embattled hardwood flooring retailer, said Thursday CEO Robert Lynch "unexpectedly" resigned, following weeks of struggles stemming from safety concerns related to its products. The Toano, Va.-based company will search nationally for a replacement, it said. Company founder Thomas Sullivan will serve as acting CEO. Lynch also stepped down from the company's board of directors. John Presley, Lumber Liquidators' lead independent director, will be nonexecutive chairman of the board. The appointments are effective immediately.