Douglas Diemoz Named President; Robert
Riesbeck Appointed as Executive Vice President and Chief Financial
Officer
Creates New Office of the Chief Executive
Officer
Pier 1 Imports, Inc. (NYSE:PIR) today announced the appointment
of Douglas Diemoz to the newly created role of President and Robert
Riesbeck as Executive Vice President and Chief Financial Officer,
both effective July 22, 2019. Mr. Riesbeck succeeds Deborah
Rieger-Paganis, who has served as Interim Chief Financial Officer
since April 2019.
Mr. Diemoz, 51, will be responsible for day-to-day operation and
performance of Pier 1’s business, including merchandise buying,
planning and allocations, marketing, field and e-Commerce
operations, global supply chain, information technology and human
resources. He joins Pier 1 with more than two decades of retail
industry experience with over half of that focused on home décor
and furnishings. He most recently served as Chief Executive Officer
of Crate & Barrel and previously held the role of Chief
Development Officer at Restoration Hardware as well as leadership
positions at Williams-Sonoma, The Gap, Inc. and MEXX.
Mr. Riesbeck, 55, will be responsible for financial operations
and accounting, including financial reporting, planning and
analysis, treasury, tax, procurement and investor relations. He is
a seasoned finance executive with more than 25 years of experience
in retail and consumer goods. He brings to Pier 1 expertise in both
growth and turnaround situations and has served in Chief Financial
Officer, Chief Operating Officer and Chief Executive Officer roles,
most recently as Chief Financial Officer of FULLBEAUTY Brands. Mr.
Riesbeck also served for four years as an operating executive at
private equity firm, Sun Capital Partners.
“Doug’s and Bob’s appointments are the result of two successful
searches to strengthen our leadership team at a pivotal time for
our company,” said Cheryl Bachelder, Interim Chief Executive
Officer. “Doug and Bob each bring expertise and skill sets that I
am confident will be invaluable as we continue to get the business
back on track. Doug has significant experience in home furnishings,
has led corporate turnarounds as well as the development of new
businesses, and has a proven ability to foster winning cultures.
Bob brings strong financial acumen combined with operational
experience, as well as insights from his work across a range of
retailers and brands and private equity.”
Ms. Bachelder continued, “With the addition of Doug and Bob to
our management team, we have assembled a strong group of leaders –
each contributing the essential capabilities in their individual
areas of responsibility – to help drive Pier 1’s transformation.
Further, the creation of our Office of the Chief Executive Officer
will provide strong and cohesive oversight as we focus on providing
our customer with the unique finds she expects from us and continue
our work in restoring the health and promise of the business.”
“Pier 1 is an enduring brand with loyal customers and numerous
opportunities to be captured in an ever evolving retail sector,”
said Mr. Diemoz. “Throughout my career, I have focused on
transforming and growing businesses while preserving the
authenticity and unique brand experience customers love. I am
excited to work with Cheryl, the senior leadership team and all of
our dedicated store, distribution center and home office associates
as we position Pier 1 for the future.”
“I am pleased to be joining the Pier 1 team at such an important
time in the Company’s history and believe this opportunity is
perfectly suited to my background,” said Mr. Riesbeck. “I look
forward to leveraging my finance and operating expertise and
partnering with Cheryl and the other members of the leadership team
in executing the initiatives in our fiscal 2020 plan to drive
improved financial results.”
Ms. Bachelder concluded, “I also would like to thank Deborah
Rieger-Paganis, who has served as Interim Chief Financial Officer
since April. We greatly appreciate her important contributions and
will look forward to Deb’s further support as she continues in a
consulting role advising on key turnaround initiatives.”
Office of the Chief Executive Officer
In connection with the leadership appointments announced today,
Pier 1 is also creating a new Office of the Chief Executive
Officer, led by Cheryl Bachelder, Interim Chief Executive Officer,
and including Mr. Diemoz, Mr. Riesbeck and Robert Bostrom,
Executive Vice President, Chief Legal and Compliance Officer and
Corporate Secretary. The Office of the CEO will be responsible for
guiding, supervising and directing Pier 1’s strategy, including the
previously announced process to evaluate strategic alternatives.
The Company’s other executive officers will now report to Mr.
Diemoz and oversee Pier 1’s operations and continued execution of
the previously announced fiscal 2020 plan.
About Douglas Diemoz
Mr. Diemoz most recently served as Chief Executive Officer of
Crate & Barrel, part of the Otto Group, a group of retailers
and retail-related service providers with a presence in more than
30 countries. In his role as CEO, he was responsible for the Crate
& Barrel, CB2 and Land of Nod brands, and led the company in
growing online sales, increasing total customers and transitioning
to EBIT profit. Previously, Mr. Diemoz served as Chief Development
Officer of Restoration Hardware, where he created strategy for an
owned and partner network worldwide and was responsible for leading
development initiatives such as the outlet and art divisions. Prior
to this, Mr. Diemoz served in a succession of management roles,
including Chief Executive Officer, President and Chief
Transformation Officer, and Chief Financial Officer, at MEXX, an
Amsterdam-based international fashion brand. Earlier in his career,
Mr. Diemoz served in various finance roles at Williams-Sonoma and
The Gap, Inc. for nearly 15 years. He holds a B.S. in Accounting
from The State University of New York at Brockport and an MBA from
St. Mary's College.
About Robert Riesbeck
Most recently, Mr. Riesbeck served as Chief Financial Officer of
FULLBEAUTY Brands. Previously, he served as Chief Financial Officer
and then Chief Executive Officer and President of hhgregg, Inc.
From 2010 to 2014, Mr. Riesbeck served as an operating executive at
Sun Capital, 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 in 2006. Earlier in his career, Mr. Riesbeck also held
Chief Financial and Operating Officer roles for the Hurley and
Bauer Hockey businesses at Nike, Inc., and was responsible for
integrating and consolidating both into Nike’s operations. He is a
Certified Public Accountant and began his career in Auditing and
Accounting with Grant Thornton LLP. He holds a B.S. in Accounting
from The University of Akron.
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: 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 identify a successor chief executive officer
and retain its senior management team; potential volatility in the
price of the Company’s common stock following the reverse stock
split; the Company’s ability to comply with the continued listing
criteria of the New York Stock Exchange (“NYSE”), including listing
criteria based upon the Company’s market capitalization, 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 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 is a leading omni-channel retailer of unique home
décor and accessories. The Company’s products are available through
more than 965 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/20190719005080/en/
Christine Greany The Blueshirt Group (858) 523-1732
christine@blueshirtgroup.com
Pier 1 Imports (NYSE:PIR)
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