Pier 1 sets stock buyback, adds board members
Furniture Today Staff -- Furniture Today, October 18, 2013
FORT WORTH, Texas — Pier 1 Imports' board has approved a share repurchase program of up to $200 million in the home furnishing retailer's common stock.
It also elected three new members to the board.
The Top 100 company said the buyback program is effective immediately and that timing of the buys will depend on factors including market conditions and prices. The company has about 103.8 million shares outstanding.
Meanwhile, the Fort Worth, Texas-based company elected Cynthia McCague, Michael Peel and Ann Sardini to its board and said current board member John Burgoyne will not stand for reelection at its 2014 annual meeting June 20.
McCague retired from The Coca-Cola Co. in May 2010 having served as senior vice president and director of global human resources from June 2004 through November 2009, concluding a 28-year career with the company. She serves on the board of Monster Worldwide.
Peel serves on the board of Select Comfort and has been vice president for human resources and administration at Yale University since October 2008. Previously, he spent 17 years at General Mills, most recently as executive vice president of human resources and global business services.
Sardini has more than 20 years of experience in senior financial management positions in branded consumer products and media companies. Most recently she was chief financial officer of Weight Watchers International 2002 until her retirement in 2012. She is on the board of TreeHouseFoods.
In a release, Pier 1 Chairman Terry London said the new board members' "experience and insight will serve as a great complement to our existing team as we continue forward." He also acknowledge Burgoyne's 14 years of service "and his dedicated contributions during that time."
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