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Clifton, N.J. Linens n Things reported that Francis Rowan will resign as senior VP, CFO and secretary of the company, effective Oct. 6.
Under the terms of the employment agreement, Rowan is not entitled to receive any severance payments or other compensation in connection with his resignation other than unpaid base salary and benefits accrued through the date of termination.
Scott Hurd, the current VP, controller, and treasurer of the company, has been elected, effective as of Oct. 6, to the additional positions of CFO and secretary of the company.
The move comes less than a month after the company announced that its executive chairman, Robert DiNicola, submitted his resignation. DiNicola agreed to remain a member of the board of directors and serve as non-executive chairman of the board.