Prillaman Named Stanley Furniture COO

STANLEYTOWN, Va. (AP) -- Stanley Furniture Co. said Tuesday it named Glenn Prillaman as its president and chief operating officer.

Prillaman most recently served as executive vice president, marketing and sales. He is the son of chairman and CEO Albert Prillaman.

Last month, the furniture maker reported a wider loss in the second quarter as sales tumbled 28 percent. The company said its order rate had stabilized over the past few months amid signs that sales levels may have reached a bottom, but it doesn't yet see an indication of any sustained upturn.

Shares of Stanley Furniture touched a new 52-week high of $13 in morning trading, before settling back to $12.78.

The broader stock market rallied after President Barack Obama nominated Ben Bernanke for another term as Federal Reserve chairman and reports showed a jump in home prices. The Dow Jones industrial average recently advanced 52.38 point, to 9561.66.