Pier 1 names new CEO
Girouard to retire Feb. 19
By Furniture Today Staff -- Furniture Today, January 30, 2007
FORT WORTH, Texas — Pier 1 Imports has named veteran retailer and recent TJX executive Alex Smith, 54, as president and CEO effective Feb. 19, when current Chairman and CEO Marvin Girouard is set to retire.
Tom Thomas, a Pier 1 director, will become non-executive chairman.
Smith most recently was senior executive vice president-group president for TJX Cos. and “spent a significant part of his early career on the merchandising side for department and specialty stores,” Thomas said.
Since 1995, Smith has leadership roles, including president of TK Maxx in the United Kingdom, and executive vice president-international …“proving his capability to successfully run large divisions of a publicly traded international retailer,” Thomas added.
“He has played a key role throughout his career in the companies for which he worked and he has the necessary understanding of the retail industry in North America and globally to lead the company,” Thomas said.
Smith’s employment contract calls for a $1 million base salary, a first-year bonus between $500,000 and $750,000 at the board’s direction and stock option grants to buy 3 million shares of Pier 1 stock, outside of the company’s stock option plans that require public announcement.
Thomas said the board applauds Girouard’s for his 32-year tenure.
“We are very grateful for his commitment to the company, for his years of leadership and for the class which he brought to his service as an executive,” he said.
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