Pier 1 Appoints Robert Bostrom as EVP, Chief Legal and Compliance Officer and Corporate Secretary
January 23 2019 - 4:15PM
Business Wire
Pier 1 Imports, Inc. (NYSE:PIR) today announced that it has
appointed Robert Bostrom, 66, as Executive Vice President, Chief
Legal and Compliance Officer and Corporate Secretary, effective
immediately. Mr. Bostrom succeeds Michael Carter, who retired from
Pier 1 in September 2018. He has nearly 40 years of legal and
corporate governance experience, including more than 16 years at
publicly traded companies in the retail and retail financial
services sectors.
“Bob is an exceptional addition to our senior leadership team,”
said Cheryl Bachelder, Interim CEO. “He brings extensive public
company legal and governance expertise, and strong business acumen
to the organization at this important time as we work to restore
sales growth and improve profitability.”
Most recently, Mr. Bostrom worked at Abercrombie & Fitch
(NYSE:ANF), where he served as Senior Vice President and Special
Counsel since October 2018, and as Senior Vice President, General
Counsel & Corporate Secretary from 2014 to 2018. Prior to
Abercrombie & Fitch, he served as Co-Chair of the Financial
Institutions and Regulatory Compliance practice at international
law firm Greenberg Traurig, LLP from 2012 to 2013, and as Co-Head
of the Global Financial Institutions and Funds Sector for SNR
Denton, one of the largest law firms worldwide, from 2011 to 2012.
Previously, Mr. Bostrom held General Counsel positions with Freddie
Mac from 2006 to 2011 and National Westminster Bancorp from 1992 to
1996. He also spent nine years with Winston & Strawn LLP, where
he was Head of the Financial Institutions Practice from 1996 to
2006 and Managing Partner of the New York office from 1997 to 2005.
Mr. Bostrom served as a member of the Board of Directors of
NeuLion, Inc. from 2014 to 2018, prior to its acquisition by
Endeavor (formerly WME-IMG). He began his career as an attorney for
the Federal Reserve Bank of New York. Mr. Bostrom holds a J.D. from
Boston College Law School and a Masters of International Affairs
from Columbia University’s School of International & Public
Affairs.
Mr. Bostrom stated, “I look forward to partnering with both the
leadership team and Board and leveraging my industry experience. I
believe Pier 1 has a tremendous heritage, an inclusive culture
focused on success and the underlying operational strength that
will position us to drive improved performance over the long
term.”
On January 23, 2019, pursuant to the terms of his employment,
Mr. Bostrom received a one-time award of 657,894 shares of
restricted common stock, having a value of $375,000 based on the
30-day trailing average of the closing price of Pier 1
Imports, Inc. common stock as of January 23, 2019. The
shares will vest in equal annual installments on the first, second
and third anniversaries of the grant date, subject to his continued
employment with the Company. These shares have been granted in
reliance on the employment inducement exception to shareholder
approval provided under New York Stock Exchange Listing
Rule 303A.08.
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
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; 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; 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; and changes in foreign currency values relative to the
U.S. dollar; the Company's ability to identify a successor chief
executive officer and retain its senior management team; the
Company's ability to comply with the continued listing requirements
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 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.
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 980 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/20190123005773/en/
Investor Relations Contact:Christine GreanyThe Blueshirt
Group(858) 523-1732christine@blueshirtgroup.com
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