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Smith New CEO at Pier I

By Staff -- Gifts and Dec, 1/31/2007 4:30:00 AM

Fort Worth, TX — Alex W. Smith will take the helm as CEO at Pier 1 Imports Inc., succeeding CEO Marvin J. Girouard who will retire on Feb. 19. Pier 1. Smith most recently served as senior executive vice president and group president of TJX Cos., a Framingham, MA–based off-price apparel retailer.

Girouard, who had been with the company for 32 years, announced his plan to retire in October 2006, soon after Pier 1 reported a sales decline of 12.5 percent for the second quarter, and losses of almost $96 million for the first six months of fiscal 2007. The company had been searching for new executives since March 2006.

Tom Thomas, who will become non-executive chairman of the Pier 1 board on February 19, said in a statement, "Alex's knowledge and experience gained in a retail career of over 30 years, including his experience with well known retail brands, makes him the right person to lead Pier 1 Imports back to its position as the leader in home furnishings, gifts and decorative accessories." Said Smith, "I am excited about working with all aspects of the business to produce the historically great results to which Pier 1 Imports has been accustomed."

Pier 1's employment agreement with Smith awards him a salary of $1 million a year plus a first-year bonus of $500,000 to $750,000 at the board's discretion. Smith also received options on three million shares, one million of which will vest on the first anniversary of the date on which the company granted Smith the options. The other two million shares will vest one million at a time, based on performance targets for fiscal 2009 and fiscal 2010.

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