RH Announces CFO Transition
August 13 2018 - 4:05PM
Business Wire
Ryno Blignaut Appointed as President, Chief
Financial and Administrative Officer
Karen Boone to Step Down for Family
Reasons
RH (NYSE:RH) today announced the appointment of Ryno Blignaut as
President, Chief Financial and Administrative Officer, effective
August 14, 2018. Mr. Blignaut will lead all financial and
administrative functions at RH, including strategic and financial
planning, accounting, treasury, tax, internal audit, investor
relations, legal, and compliance, across the Company’s multiple
businesses and brands. Mr. Blignaut previously served as Chief
Financial and Risk Officer at Xoom through its initial public
offering and at the time of its acquisition by PayPal, Inc. Karen
Boone has decided to step down from her current role to spend more
time with her family, and has graciously agreed to work through a
transitionary period to ensure a smooth handoff of her
responsibilities.
Gary Friedman, RH Chairman and Chief Executive Officer
commented, “We are extremely pleased to have Ryno join the RH
leadership team. Ryno’s financial leadership and experience in
working with innovative, high growth businesses makes him an
excellent fit for RH during the next phase of our growth as we
continue our pursuit of becoming one of the most innovative and
admired brands in the world.”
“I am thrilled to be joining Gary and the leadership team at
RH,” said Mr. Blignaut. “It is rare to find brands and businesses
with such a strong culture and compelling vision for the future. I
have been an admirer and customer of the brand for some time, and
look forward to contributing to our bright future.”
Mr. Friedman continued, “All of us at RH are deeply grateful for
Karen's partnership and leadership these past six years, and I have
the utmost respect for her decision to prioritize spending more
time with her family right now. Her contributions to RH since
joining us as Chief Financial Officer in advance of our initial
public offering in 2012, through the evolution of RH into the
leading luxury home brand, and the recent transformation of our
business model, have been invaluable. She has been a true partner
to me personally, and I appreciate her willingness to work with us
to ensure a smooth transition.”
Karen Boone commented, “The last six years at RH have been an
extraordinary experience for me. We have accomplished a great deal
since our initial public offering and I feel confident that the
Company is well-positioned for the next phase of its growth and
innovation. My decision to leave RH is based on my desire to spend
more time with my family while my children still reside at home. My
plan is to serve on some Boards of Directors but not to seek
another full-time position for the next few years. I want to thank
Gary for his leadership and mentorship these past six years. I will
miss being a part of this innovative team of leaders, look forward
to helping with the transition, and wish everyone on Team RH the
very best in the years to come.”
Mr. Blignaut most recently served as the Chief Business Officer
of Wheels Up, a private aviation company. Prior to that, Mr.
Blignaut served in various roles at Xoom Corporation, an online and
mobile money transfer company, from May 2005 until December 2015.
Mr. Blignaut’s roles at Xoom included Chief Financial Officer and
Chief Risk Officer through its initial public offering and at the
time of its sale to PayPal. Mr. Blignaut holds a B.Comm (Hons)
degree in Accounting from the University of Stellenbosch, South
Africa, and is a member of the South African Institute of Chartered
Accountants.
About RH
RH (NYSE: RH) is a curator of design, taste and style in the
luxury lifestyle market. The Company offers collections through its
retail galleries, Source Books, and online at RH.com, RHModern.com,
RHBabyandChild.com, RHTeen.com and Waterworks.com.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws, including statements
regarding our next phase of growth, our business model and becoming
one of the most innovative and admired brands in the world, the
expected benefits to RH of the appointment of Mr. Blignaut as
President, Chief Financial Officer and Administrative Officer, our
plans and efforts to assure a smooth and orderly transition of
responsibilities from Ms. Boone to Mr. Blignaut and any statements
or assumptions underlying any of the foregoing. You can identify
forward-looking statements by the fact that they do not relate
strictly to historical or current facts. These statements may
include words such as “anticipate,” “estimate,” “expect,”
“project,” “plan,” “intend,” “believe,” “may,” “will,” “should,”
“likely” and other words and terms of similar meaning in connection
with any discussion of the timing or nature of future events. We
cannot assure you that future developments affecting us will be
those that we have anticipated. Important risks and uncertainties
that could cause actual results to differ materially from our
expectations include, among others, our ability to retain key
personnel; risks related to the number of new business initiatives
we are undertaking; successful implementation of our growth
strategy; our ability to anticipate consumer preferences and buying
trends, and maintaining our brand promise to customers; as well as
those risks and uncertainties disclosed under the sections entitled
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in RH’s most recent
Form 10-K filed with the Securities and Exchange Commission, and
similar disclosures in subsequent reports filed with the SEC, which
are available on our investor relations website at ir.rh.com and on
the SEC website at www.sec.gov. You should not place undue reliance
on these forward-looking statements. Any forward-looking statement
made by us in this press release speaks only as of the date on
which we make it. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by any
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20180813005596/en/
RHCammeron McLaughlin, 415-945-4998SVP, Investor
Relations & Strategycmclaughlin@rh.com
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