RH Announces CFO Transition
March 05 2019 - 4:10PM
Business Wire
Jack Preston Appointed as Chief Financial Officer
Ryno Blignaut to Step Down
RH (NYSE: RH) today announced the appointment of Jack Preston as
Chief Financial Officer of RH. Mr. Preston will lead all financial
functions including strategic and financial planning, accounting,
treasury, tax, internal audit and investor relations across the
Company’s multiple businesses and brands. Mr. Preston is currently
a member of the RH executive leadership team, serving as Senior
Vice President, Finance & Chief Strategy Officer. Mr. Preston
joined RH in 2013 and previously worked in investment banking at
Bank of America Merrill Lynch for more than twelve years where he
executed multiple financings for consumer and retail companies
including RH’s initial public offering. Mr. Preston holds a
bachelor of commerce degree from the University of British
Columbia.
Ryno Blignaut has decided based upon health considerations to
step down from his current role at RH. In order to assure a
seamless transition of his responsibilities, Mr. Blignaut’s
resignation will take effect on April 3, 2019 or such earlier date
as RH elects to file its Annual Report on Form 10-K.
Gary Friedman, RH Chairman and Chief Executive Officer,
commented, “We are pleased to announce the promotion of Jack
Preston to the position of Chief Financial Officer of RH. Jack’s
experience working with the RH leadership team in roles of
increasing responsibility since 2013 makes him a perfect fit to
assume the role of Chief Financial Officer as we continue our
pursuit of becoming one of the most innovative and admired brands
in the world. During Jack’s six years at RH, he has been a key
contributor in the architecture of our new membership and business
models, as well as leading multiple financing and capital markets
transactions including our three 0% convertible note offerings and
share repurchase programs.”
Mr. Friedman continued, “All of us at RH are grateful for Ryno’s
contributions and understand that he currently needs to allocate a
substantial portion of his time to personal matters. We appreciate
Ryno’s willingness to work closely with Jack and the RH leadership
team to help ensure a smooth transition and wish Ryno and his
family all the best for the future.”
Mr. Blignaut commented, “It has been a privilege working with
Gary and the entire RH team. I joined RH looking forward to being a
long-term contributor to one of the most innovative companies in
retail. Although I am not able to continue in my role, I have a
high level of confidence in Jack’s ability to lead the finance
organization going forward. Jack has been a key partner to me
during my time at the Company and I wish both him and Team RH
continued success.”
RH expects to report fourth quarter and fiscal 2018 financial
results during the week of March 25, 2019.
About RH
RH (NYSE: RH) is a curator of design, taste and style in the
luxury lifestyle market. The Company offers its collections through
its retail galleries across North America, the Company’s multiple
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 from the appointment of Mr. Preston as
Chief Financial Officer, the organizational structure and
responsibilities of Mr. Preston, the anticipated timing of our
fourth quarter earnings release and the timing for filing of our
Annual Report on Form 10-K, our plans and efforts to assure a
smooth and orderly transition of responsibilities from Mr. Blignaut
to Mr. Preston and any statements or assumptions concerning either
of them or 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/20190305005967/en/
Cammeron McLaughlin415-945-4998cmclaughlin@rh.com
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