Although Beaulieu of America must pay out more than $33 million, Boe said the company anticipated the action and had cash reserves through loan agreements with banks to finance the business.
“Even though it’s a significant amount, it will not put the company in jeopardy in any way,” Boe said. “We’re very strong, so we’ll be able to service our business as we’ve serviced it in the past.”
Boe said Bouckaert will still be involved with the company.
“Carl is someone who enjoys customers and enjoys all of the people that work here,” Boe said. “So I’m sure he’ll still be visiting customers from time to time and walking around the plants from time to time, but he won’t have an executive officer position in the company.”
After the company’s five-year probation ends, Bouckaert could decide to come back as CEO, but Boe said “that would depend on how he sees the company five years from now and whether he wants to get back in that role.”
Corporate scandals have made headlines throughout the country in recent years, from Enron to Tyco to Martha Stewart, who once partnered with Dalton-based Shaw Industries to produce a line of floorcovering. Boe said he doesn’t believe Beaulieu will receive a black eye from Friday’s developments.
“I don’t think anyone likes to face any situation like this,” Boe said. “But I think from the standpoint of our reputation that we have hit this heads up, have been very open in the past 10 years, and the government has had full access to anyone in the company. We haven't fought this. We’ve agreed to what the settlement is. I think people will recognize us as having done the right thing in getting this behind us.”