Pier 1 Appoints Deborah Rieger-Paganis as Interim Chief Financial Officer
April 17 2019 - 4:16PM
Business Wire
Separately Reporting Fourth Quarter and
Full-Year Fiscal 2019 Financial Results; Conference Call to be Held
at 5:00 p.m. Eastern Time Today
Pier 1 Imports, Inc. (NYSE:PIR) today announced that Deborah
Rieger-Paganis will assume the role of Interim Chief Financial
Officer, effective immediately. Her appointment follows Nancy
Walsh’s departure from the Company.
Ms. Rieger-Paganis is employed as a managing director at global
consulting firm AlixPartners. She has more than 30 years of
experience leading and improving retail companies’ finance
organizations and business operations, including 17 years at
AlixPartners, where she has served as both an advisor and interim
Chief Financial Officer to a range of companies, including Aritzia,
Toms Shoes, Harris Interactive and Cirque du Soleil. Earlier in her
career, she served as senior vice president of financial planning
and analysis at MasterCard and as vice president of finance at Ann
Taylor. Ms. Rieger-Paganis holds a bachelor’s of science in
accounting from the State University of New York at Albany and is
licensed as a certified public accountant in New York. She will
continue in her capacity at AlixPartners while serving as Interim
Chief Financial Officer of Pier 1.
“Deb has a wealth of finance, retail industry and turnaround
experience, and we are pleased to have her join the Pier 1 team,”
said Cheryl Bachelder, Interim Chief Executive Officer. “Deb has
worked closely with the leadership team in a consulting capacity in
recent months, and I am confident her expertise will continue to be
a valuable asset in leading our finance organization. On behalf of
Pier 1, I thank Nancy for her contributions and wish her well in
her future endeavors.”
Ms. Bachelder continued, “In recent weeks, we have built a
fiscal 2020 plan to reset our cost structure and rebuild momentum
in the business. We have put in place a capable senior leadership
team to execute this go-forward plan. Together we are excited to
revitalize this iconic Pier 1 brand.”
Ms. Rieger-Paganis said, “I look forward to working closely with
Cheryl and the rest of the management team as we continue to focus
on Pier 1’s priorities for fiscal 2020. Over the past four months,
Pier 1 has been building more structure and rigor into the planning
processes across key areas of the business and operations. I am
committed to instilling financial discipline across the
organization as we work to drive a successful turnaround and create
value for shareholders over the long term.”
Pier 1 also announced that Darla D. Ramirez, Vice President and
Controller of the Company’s operating subsidiaries and the
Company’s Principal Accounting Officer, was appointed Interim
Principal Financial Officer. Ms. Ramirez has served as the
Company’s Principal Accounting Officer since January 2011 and
served as the Company’s Interim Chief Financial Officer from
October 4, 2017, through January 24, 2018.
Pier 1 separately reported its fourth quarter and full year
fiscal 2019 financial results today. The Company will hold a
conference call to discuss its fourth quarter and full year fiscal
2019 financial results at 4:00 p.m. Central Time/5:00 p.m. Eastern
Time on Wednesday, April 17, 2019. A live audio webcast will be
accessible at the Company’s website at https://investors.pier1.com.
The call can also be accessed domestically at (866) 378-2926 and
internationally at (409) 350-3152, conference ID 3193662.
Financial Disclosure Advisory
Except for historical information contained herein, the
statements in this press release or otherwise made by our
management in connection with the subject matter of this press
release are forward-looking statements (as such term is defined in
the Private Securities Litigation Reform Act of 1995) and involve
risks and uncertainties and are subject to change based on various
important factors. This press release includes forward-looking
statements that are based on management’s current estimates or
expectations of future events or future results. These statements
are not historical in nature and can generally be identified by
such words as “believe,” “expect,” “estimate,” “anticipate,”
“plan,” “may,” “will,” “intend” and similar expressions.
Management’s expectations and assumptions regarding future results
are subject to risks, uncertainties and other factors that could
cause actual results to differ materially from the anticipated
results or other expectations expressed in the forward-looking
statements included in this press release. These risks and
uncertainties include, but are not limited to: the impact of the
organizational redesign of the Company’s corporate workforce; the
impact of initiatives implemented in connection with the Company’s
multi-year “New Day” strategic plan, particularly with respect to
changes in the initiatives supporting the New Day plan and actions
intended to return the Company to profitable growth; the impact of
initiatives connected with the appointment of the Company's interim
chief executive officer; fiscal 2020 action plans and expense
reduction initiatives; the results of the evaluation of strategic
alternatives and the terms, value and timing of any transaction
resulting from that process, or the failure of any such transaction
to occur; the effectiveness of the Company’s marketing campaigns,
merchandising and promotional strategies and customer databases;
consumer spending patterns; inventory levels and values; the
Company's ability to increase cash flows to support its operating
activities; the effectiveness of the Company's relationships with,
and operations of, its key suppliers; the Company’s ability to
implement planned cost control measures and reductions in capital
expenditures; risks related to U.S. import policy, particularly
with regard to the impact of tariffs on goods imported from China
and strategies undertaken to mitigate such impact; changes in
foreign currency values relative to the U.S. dollar; the Company's
ability to identify a successor chief executive officer and chief
financial officer and retain its senior management team; and the
Company's ability to comply with the continued listing criteria of
the NYSE, and risks arising from the potential suspension of
trading of the Company's common stock on that exchange. These and
other factors that could cause results to differ materially from
those described in the forward-looking statements contained in this
press release can be found in the Company’s Annual Report on Form
10-K, its Quarterly Report on Form 10-Q for the quarterly period
ended December 1, 2018 and in other filings with the SEC. Refer to
the Company’s most recent SEC filings for any updates concerning
these and other risks and uncertainties that may affect the
Company’s operations and performance. Undue reliance should not be
placed on forward-looking statements, which are only current as of
the date they are made. The Company assumes no obligation to update
or revise its forward-looking statements, except as may be required
by applicable law.
About Pier 1
Founded with a single store in 1962, Pier 1 is a leading
omnichannel retailer of unique home décor and accessories. The
company’s products are available through more than 970 Pier 1
stores in the U.S. and Canada and online at pier1.com. For more
information or to find the nearest store, please visit
pier1.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190417005899/en/
Christine GreanyThe Blueshirt Group(858)
523-1732christine@blueshirtgroup.com
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