Investor Campaign Targets Every Ethan Allen Board Seat

Bergeron Wants a Brand-New Board

Bergeron, a Park City, Utah resident, has run public companies before and built a reputation for reviving businesses.

Ethan Allen, headquartered in Danbury, Connecticut, sells dressers, sofas, wall decor and other home furnishings, and offers customers free interior-design assistance. He sees the company as having a powerful brand, broad North American manufacturing, and a national retail footprint.

Bergeron submitted a shareholder letter and regulatory filing on Wednesday, August 5, 2026, putting forward himself and five other candidates for the board. His slate also consists of alumni of eBay Inc., Wayfair Inc. and Neiman Marcus Group.

Together, he argues, those backgrounds span online retail, physical stores, retail technology, and brand development. He also made clear he thinks the business itself is worth saving.

"I believe this iconic American business represents one of the most compelling opportunities in the public markets today," he wrote.

The Case Against the Current Leadership

Bergeron's argument is not that Ethan Allen is a broken company.

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But he says the business has a sound base that has simply not grown. He contends that stagnant growth has resulted from outdated methods and from executives and directors staying in their roles for too long.

In his view, Ethan Allen lags in e-commerce while internet purchasing keeps expanding across the furniture industry. The people running it, he says, are unprepared to implement the changes that are needed.

"I've seen it firsthand: companies fall behind when leadership is complacent, resistant to changing strategy and unwilling to make the difficult decisions necessary to drive growth," he wrote.

Ethan Allen did not immediately answer a request for comment. Farooq Kathwari, the company's chairman and chief executive officer, also did not respond.

Financial and Market Context

The company's most recent fiscal year showed net sales down 5.7%. Ethan Allen shares had lost 18% over the past 12 months before trading up 1.9% at $24.34 on Wednesday. That weak stock performance is part of the backdrop to Bergeron's campaign.

What the Board Fight Means for Your Money

Ethan Allen's board has been running short-handed. John Dooner Jr., a sixth director, died in January, leaving the company with five board members instead of six.

Since 1988, Kathwari has been both Ethan Allen's board chairman and its chief executive, and he has not presented a succession plan. DGB Investments and Bergeron's family trusts hold 5% of the company's shares, the filing shows.

Dooner's death and Kathwari's long tenure are part of the governance picture Bergeron wants shareholders to reconsider.

For investors, this comes down to a simple question: which view is right?

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