Co-CEO Alberini Leaves Restoration
January 9, 2014,
Corte Madera, Calif. - Restoration Hardware said co-CEO Carlos Alberini has resigned effective Jan. 31 to become chairman and CEO of jeans manufacturer Lucky Brand.
The retailer said Alberini would remain on its board of directors and continue to be a "significant shareholder."
Alberini, who has shared the CEO title at Restoration Hardware with founder and Chairman Gary Friedman, said the decision to leave his post "was one of the most difficult decisions I have ever made in my career."
"I have been presented with an opportunity to fulfill my lifelong dream to run and build a company," Alberini said of Lucky Brand, which also announced it was being acquired by the private equity firm Leonard Green & Partners. "These past few years with Gary and the RH team have been extremely rewarding and fulfilling, and I am so proud of our accomplishments."
Friedman said Alberini's "leadership has been invaluable" and said he is delighted Alberini will continue to serve on the board.
"Carlos has been a tremendous partner to me personally, and while disappointed to not have our relationship continue in its current capacity, I am thrilled we will have the opportunity to work together at the board level in our quest to build one of the most innovative and admired brands in the industry," Friedman added.
He said Restoration Hardware is developing a transition plan and will soon begin a search for Alberini's successor.