Lorberbaum will continue in his role as president and CEO. Despite stepping down as chairman, Kolb was re-elected to a three-term as a Board member during the company's annual meeting.

"Dave has made tremendous contributions to our growth and success for nearly a quarter century," Lorberbaum said in response to Kolb's decision to vacate the board chairmanship. "He joined the company in 1980 to take over as president of Mohawk Carpet, which was losing money and struggling as a weak competitor.

During Kolb's tenure with the company, Mohawk grew from $200 million in revenues to floor covering industry leader with annual sales in excess of $5 billion. Under his leadership, Mohawk was spun off from its parent company in a leveraged-buyout transaction. In 1992, he took the company public and began to lead the consolidation of the floor covering industry with a dozen acquisitions over the course of eight years.

"Dave has truly changed the company and the industry with his vision, strategy and hard work," Lorberbaum added. "I want to personally thank and congratulate him for his achievements and contributions for Mohawk. We look forward to his continued role with the company as an active member of the board of directors."