The CBS news show “60 Minutes” first reported in March that the Chinese-made laminate flooring contained high levels of the carcinogen formaldehyde.
Lumber Liquidators has sent thousands of free air testing kits to customers since early March. It has said that more than 97 percent of the kits from customers with laminate flooring from China showed formaldehyde air concentrations that fell within World Health Organization guidelines.
The company has said that it has stopped buying Chinese laminate flooring for now, opting instead for products from parts of Europe and North America.
Lynch, who also served as president and a director, was in the CEO position since January 2012, according to CapitalIQ.
Lumber Liquidators Holdings Inc. said that its founder, Thomas Sullivan, will take over as acting CEO while the Toano, Virginia-based company searches for a replacement.
The company also announced that lead independent director John Presley was named nonexecutive chairman.
Lumber Liquidators (LL) stock fell $3.80, or 15 percent, to $21.47 in morning trading.