Armstrong Flooring has eliminated one of its top five jobs, the company disclosed Thursday.
The Lancaster-based firm said it has dropped the position of chief product officer and senior vice president of global operations held by Dominic Rice, a 38-year company veteran.
Armstrong reported the move, effective Oct. 18, in a three-sentence filing with the Securities & Exchange Commission.
Asked to explain the decision to cut the position, an Armstrong spokesman said, “We continually evaluate our organizational structure to ensure we are positioned for future growth.”
Rice joined Armstrong in 1981. He held positions in sales, marketing and general management in building products before becoming managing director of Armstrong’s flooring business in Australia. Next he was put in charge of Armstrong’s entire commercial flooring portfolio, then was named to his current position, the company website says.
In 2018, Rice earned total compensation valued at $1.23 million, according to the company’s proxy statement.
Because his job was eliminated, Rice will receive severance and benefits totaling $958,000, the proxy says. That sum includes $753,000 in cash, $178,000 in pro-rated bonus and $20,000 in outplacement support.
Rice is the second top executive to leave Armstrong in the past six months. In May, President and CEO Donald Maier stepped down in what was described as a “mutual” decision by Armstrong and Maier. He was replaced last month by Michel Vermette.