Pier 1 Replaces CEO Amid Mounting Losses
Alex W. Smith will become president/CEO of Pier 1 Imports on Feb. 19, replacing the retiring chairman/CEO Marvin J. Girouard.
He will receive a base salary of $1 million per year with a first year bonus between $500,000 and $750,000 as well as stock options.
Smith most recently was senior executive vice president at TJX, the parent of discount retailers T.J. Maxx and Marshalls. He also spent time at other department and specialty stores.
Tom Thomas, a lawyer and member of the Pier 1 board since 1998, will become nonexecutive chairman.
This move comes after the cataloger and retailer tried to reverse sagging sales.
In December, the Fort Worth, TX firm posted a net loss of $72.7 million for the third quarter compared to a net loss of $7.1 million in the prior-year (Direct Newsline, Dec. 15). The firm reported net sales of $402.7 million for the quarter ended Nov. 25, an 11.8% decrease from $456.7 million last year
