Earl Armstrong
About Earl Armstrong
C. Earl Armstrong III is Hooker Furnishings’ Chief Financial Officer and Senior Vice President – Finance, serving as principal financial officer and principal accounting officer since February 3, 2025; he previously served as Senior Vice President – Finance & Corporate Secretary from April 2024. He holds undergraduate and graduate degrees in Accounting from the University of North Carolina at Greensboro and is a licensed CPA in North Carolina, with early-career experience in PwC’s assurance practice and roles at two other publicly traded home furnishings companies; he was 53 at appointment in December 2024 . As CFO, he has led communications and execution around a multi-phase cost reduction program targeting $25 million annual fixed cost reductions by fiscal 2027 and strengthening liquidity, with Q2 FY2026 consolidated net sales of $82.1M, consolidated operating loss of $4.4M, and net loss of $3.3M, alongside available borrowing capacity of ~$67.9M as of September 2025 . Company executive compensation emphasizes pay-for-performance, anti-hedging/pledging, clawbacks, and dual-trigger CIC vesting for PSUs/RSUs; Armstrong’s specific pay levels were not determined at the time of his appointment (December 2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hooker Furnishings Corporation | Chief Financial Officer; Principal Financial Officer and Principal Accounting Officer | Feb 3, 2025 – present | Led cost-reduction plan toward $25M annual savings and capital allocation to reduce debt and maintain liquidity; hosted earnings calls and signed SEC filings . |
| Hooker Furnishings Corporation | Senior Vice President – Finance & Corporate Secretary | Apr 2024 – Feb 2, 2025 | Executive finance leadership and corporate governance/secretariat responsibilities . |
| Home Meridian (HOFT segment) | Chief Financial Officer | Added Feb 2021 (segment CFO) | Instrumental in efforts to guide HMI/SLH to a sustainable path to profitability as demand normalizes . |
| Samuel Lawrence Hospitality (SLH) | Direct management oversight | Nov 2021 – Dec 2023 | Operational oversight aiding profitability trajectory . |
| Hooker Furnishings Corporation | Corporate Controller & Secretary | Jun 2019 – Apr 2024 | Led corporate accounting and governance functions . |
| Hooker Furnishings Corporation | Corporate Controller | Feb 2017 – Jun 2019 | Oversaw corporate accounting . |
| Hooker Furnishings Corporation | Director of Accounting | Jan 2013 – Jan 2016 | Led accounting function . |
| Hooker Furnishings Corporation | Manager of Financial Reporting | 2009 – Jan 2013 | SEC/financial reporting . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| PricewaterhouseCoopers LLP | Assurance practice | Early career | Began accounting career in PwC assurance . |
| Two publicly traded home furnishings companies (not named) | Accounting roles | Not disclosed | Additional public-company experience . |
Fixed Compensation
- As of Armstrong’s appointment (Dec 10, 2024), “no compensation determinations have been made” for his CFO role, so base salary/bonus/long‑term award specifics are not disclosed .
- Company annual cash incentive design for FY2025 used consolidated revenue (30% weight) and operating income (70%) with threshold/target/maximum and full interpolation; no NEO annual cash incentives were paid for FY2025 as thresholds were not met .
Performance Compensation
| Element | Metric | Performance Period | Target Structure and Payout Mechanics | Vesting/Settlement |
|---|---|---|---|---|
| Performance Stock Units (PSUs) | EPS compound annual growth and relative TSR vs peer group | Jan 29, 2024 – Jan 31, 2027 | EPS CAGR component pays only if ≥5% CAGR; TSR component pays based on percentile vs peer group; PSU payout in shares, capped at target if TSR is negative; full interpolation between Threshold/Target/Max . | Requires continuous employment through period; pro‑rata for retirement/death/disability; lump‑sum cash if change of control and termination under plan terms; double‑trigger CIC framework described in plan . |
| Restricted Stock Units (RSUs) | Service-based | FY2025 grants vest 1/3 on Apr 9, 2025, 2026, 2027 | Paid in shares/cash/both at Committee discretion; 100% vest on change of control; pro‑rata vest for death/disability/retirement; dividends accrue in cash and pay only upon vesting . | Settlement timing per plan; double‑trigger CIC permitted under 2024 Stock Incentive Plan awards . |
Note: Armstrong’s individual PSU/RSU grant numbers are not disclosed. Tables reflect company program terms applied to executive officers .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 6,367 shares; sole voting and disposition power . |
| Ownership as % of shares outstanding | ~0.059% of 10,702,685 shares outstanding as of April 7, 2025 (6,367 ÷ 10,702,685); less than 1% per proxy . |
| Vested vs unvested shares | Not disclosed for Armstrong . |
| Options | Company states no stock options, SARs or similar instruments outstanding in the current compensation program . |
| Shares pledged/hedged | Anti‑hedging and anti‑pledging policy prohibits derivative transactions, margin accounts, and pledging for key insiders (including executive officers) . |
| Stock ownership guidelines | CEO 3× base salary; other executive officers 2× base salary; 6 years to reach guideline; deemed-compliant if no sales of Company‑awarded shares (except tax withholding) . |
| Guideline compliance status | Not disclosed for Armstrong . |
Employment Terms
| Term | Detail |
|---|---|
| Appointment and role | Named CFO effective upon prior CFO’s retirement; serves as principal financial officer and principal accounting officer . |
| Employment agreement | New agreements disclosed for CEO and CAO in Feb 2025 with severance and restrictive covenants; no Armstrong-specific employment agreement disclosed . |
| Severance/Change-of-control | For awards under 2024 Stock Incentive Plan, dual‑trigger vesting allowed (termination without cause or constructive termination within 2 years after CIC); performance grants provide lump‑sum cash upon CIC with termination; RSUs vest/settle per plan on CIC/death/disability/retirement . |
| Clawbacks | Company maintains a claw‑back policy as part of governance practices . |
| Non-compete/Non-solicit | Restrictive covenants described in CEO/CAO agreements (confidentiality, non‑solicitation, non‑competition, non‑disparagement); Armstrong’s specific covenants not disclosed . |
| Insider trading policy | Formal policy governs transactions by directors/officers/employees; Exhibit to FY2025 10‑K . |
Investment Implications
- Alignment and risk: Small personal shareholding (~0.059%) implies limited direct equity exposure; however, anti‑hedging/pledging, clawbacks, multi‑year equity vesting, and stock ownership guidelines mitigate misalignment risk at the program level .
- Incentive structure: Long‑term PSUs tied to EPS CAGR and relative TSR create high sensitivity to multi‑year performance; FY2025 annual cash bonus pool paid zero to NEOs due to missed thresholds, reinforcing pay‑for‑performance discipline likely to apply to Armstrong’s incentives going forward .
- Retention: Dual‑trigger CIC provisions and multi‑year vesting support retention; absence of disclosed individualized severance terms for Armstrong reduces visibility into his personal exit economics .
- Execution focus: As CFO, Armstrong has prioritized liquidity and structural cost reductions (targeting $25M annual fixed cost removal by FY2027), with detailed segment actions and capital allocation updates; this focus is central to value creation in a soft demand environment and tariff‑related headwinds .