Mr. Riesbeck to Continue as Chief Financial
Officer
Donna Colaco Named President
Pier 1 Imports, Inc. (NYSE:PIR) (“Pier 1” or the “Company”)
today announced the appointment of Robert Riesbeck as Chief
Executive Officer and as a director of the Company, effective as of
the close of business today. Mr. Riesbeck will also continue to
serve as Chief Financial Officer. As planned, Cheryl Bachelder, who
has served as Interim Chief Executive Officer since December 2018,
has stepped down from that role, also effective as of the close of
business today, and will continue in her position as a member of
Pier 1’s Board of Directors.
Mr. Riesbeck has more than 25 years of leadership experience in
retail and consumer goods with expertise in both growth and
turnaround situations and has served in Chief Executive Officer,
Chief Operating Officer and Chief Financial Officer roles. He has
served as Pier 1’s Chief Financial Officer since July 2019, and
previously was Chief Financial Officer of FULLBEAUTY Brands as well
as an operating executive at private equity firm Sun Capital
Partners.
“Bob has stepped into a leadership role at Pier 1 with a sense
of urgency and deep capability and we are thrilled to appoint him
as CEO,” said Terry London, Chairman of the Board. “We thank Cheryl
for serving Pier 1 as Interim CEO over the last 10 months. She has
made important progress in developing a clear plan and roadmap for
success, including assembling a strong team to guide the Company
into the future. We are pleased that she will continue to play an
active role as a member of the Board.”
“Bob has quickly established himself as the right leader to
successfully take the Company forward,” said Cheryl Bachelder,
Interim Chief Executive Officer. “While we recognize there is still
much work to do, Bob has been instrumental in helping the
leadership team advance our plan to reset and reimagine the future
of this iconic brand and he has put in place a highly capable
finance team to steward the Company’s resources.”
Mr. Riesbeck said, “I welcome the opportunity to take on this
expanded role and lead one of the best brands in the home sector
forward, continuing the progress that Cheryl set in motion with our
fiscal 2020 action plan. I am excited to be working alongside a
highly capable management team and passionate associates to delight
our customers and drive the execution of Pier 1’s turnaround plan
through fiscal 2020 and beyond.”
Pier 1 also today announced the appointment of Donna Colaco as
President of Pier 1. Ms. Colaco has served as Executive Vice
President and Chief Customer Officer since December 2018. Ms.
Colaco will continue to be responsible for merchandising, planning
and allocation, marketing, e-Commerce and promotion.
Ms. Bachelder added, “We are pleased to promote Donna to serve
as President, in recognition of the tremendous impact she has had
on Pier 1 style stories and helping to re-engage the Pier 1
customer with our merchandise. I look forward to her leadership in
driving a sales turnaround with compelling merchandise and
marketing that bring our loyal customers to our stores and
online.”
Douglas Diemoz, who had served as President, has departed from
the Company. Ms. Bachelder stated, “On behalf of Pier 1, I thank
Doug for his contributions and wish him well in his future
endeavors.”
In connection with the leadership appointments today, the
Company has also dissolved the Office of the Chief Executive
Officer put in place in July 2019.
About Robert Riesbeck
Mr. Riesbeck has served as Executive Vice President and Chief
Financial Officer of Pier 1 since July 2019. Most recently, he
served as Chief Financial Officer of FULLBEAUTY Brands from June
2018 to February 2019. Previously, he served as the Chief Financial
Officer, from September 2014 to February 2016, and then the Chief
Executive Officer and President, from February 2016 to June 2017,
of hhgregg, Inc. Prior to that, from 2010 to 2014, Mr. Riesbeck
served as an operating executive at Sun Capital Partners, where he
was responsible for a diverse group of portfolio companies, after
serving for four years as Chief Financial Officer at Marsh
Supermarkets, which was acquired by Sun Capital Partners in 2006.
He is a Certified Public Accountant and began his career with Grant
Thornton LLP. He holds a B.S. in Accounting from The University of
Akron.
About Donna Colaco
Ms. Colaco has served as Executive Vice President and Chief
Customer Officer of Pier 1 since December 2018. Prior to joining
the Company, Ms. Colaco most recently served as Brand President of
White House Black Market, a Chico's FAS, Inc. brand, from August
2007 to January 2018. Ms. Colaco also served as a member of the
Chico's FAS Executive Committee. Prior to that, Ms. Colaco spent 11
years with AnnTaylor Stores Corporation, where she held positions
of increasing responsibility within the merchandising organization,
successfully launched the LOFT outlet division, and served as head
of e-Commerce for the Ann Taylor brand. From 2006 to 2007, Ms.
Colaco was President of Ann Taylor Loft, a $1 billion apparel and
accessories business.
Forward-Looking Statements
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: actions intended to
return the Company to profitable growth; fiscal 2020 action plans
and expense reduction initiatives intended to reset the Company’s
gross margin and cost structure; the Company’s ability to increase
cash flows to support its operating activities; 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 effectiveness of the Company’s
relationships with, and operations of, its key suppliers; risks
related to changes in U.S. policy related to imported merchandise,
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 retain its senior management team; continued
volatility in the price of the Company’s common stock; and the
Company’s ability to execute its business plan to return to
compliance with NYSE continued listing standards, as accepted by
the NYSE, and its ability to continue to comply with applicable
NYSE listing standards, within the available cure period, and risks
arising from the potential suspension of trading of the Company’s
common stock on the NYSE. 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 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 Imports, Inc.
Founded with a single store in 1962, Pier 1 Imports is a leading
omni-channel retailer of unique home décor and accessories. The
Company’s products are available through more than 950 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/20191104005956/en/
Christine Greany The Blueshirt Group (858) 523-1732
christine@blueshirtgroup.com
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