
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, January 26, 1995                   TAG: 9501260106
SECTION: BUSINESS                    PAGE: B-7   EDITION: METRO 
SOURCE: SANDRA BROWN KELLY STAFF WRITER
DATELINE:                                 LENGTH: Short

BASSETT'S BOARD TO LOSE 5 MEMBERS

Responding to regulators' advice that companies need to reduce the power of officers on boards of directors, five Bassett Furniture Industries Inc. executives will not stand for re-election at the annual meeting next month.

Also, bylaws have been changed to reduce board membership from 16 to 11.

"It's a trend. The Securities and Exchange Commission and institutional investors want all outside directors," said Bill Brammer, treasurer and executive vice president for finance.

"They want more independent people who can be more objective with decisions."

He said an increasing percentage of Bassett stock is held by institutions.

Brammer, who has been with Bassett for 40 years, is one of those leaving the board.

Also leaving are Joe Philpott, executive vice president-manufacturing; J.E. Bassett Jr. and C.C. Bassett, vice presidents; and R.H. Spilman Jr., executive vice president-marketing and merchandising.

Robert Spilman Sr., the chief executive officer, and Glenn Hunsucker, president and chief operating officer, are the only employees proposed for re-election.

Because employees are not compensated for service on the board, the decision has no major effect on the officers stepping down, Brammer said.

Bassett's all-male board includes the chairmen of The United Co., Dominion Resources, CSX Corp. and AMF Cos.

by CNB