Bombay CEO may step down
By Furniture Today Staff -- Furniture Today, March 12, 2006
Fort Worth, Texas — James Carreker, chairman and CEO of The Bombay Company, is poised to step down in June.
The Top 100 specialty store chain said that it and Carreker agreed "to render inoperative" an automatic renewal provision in Carreker's contract that would have provided a one-year extension through June 3, 2007.
He will continue to serve through the end of his current contract term this June 3, "and the parties remain in discussion regarding a future arrangement," the retailer said.
"This announcement is consistent with the succession planning which has been in place since I assumed the additional position of CEO," said Carreker, who was named board chairman in December 2002 and CEO in June 2003.
"Bombay has had three challenging years focused on the significant repositioning of its stores, infrastructure and merchandise assortments," he said. "I will now work with the board to recruit successor leadership capable of capitalizing on the changes made to create long-term shareholder value."
The company has 490 stores, and catalog and online sales.
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