Pier 1 Imports Inc (NYSE:PIR) Entered 2017 With President And CEO’s Departure

Pier 1 Imports Inc

Pier 1 Imports Inc (NYSE:PIR) recently announced that the company’s Board of Directors appointed Terry E. London as its Interim President and Chief Executive Officer. Mr. London was initially serving as the company’s Chairman. The appointment came in light of Alex W. Smith, the President and CEO’s departure on the last day of 2016.

Company to search for the new CEO soon

As Pier 1 Imports Inc entered the New Year, Terry London, the company Chairman was handed over the command of company to serve as the interim President and CEO, while the company digs the industry for its new Chief Executive Officer. For this purpose, the company said that it also collaborated with Korn Ferry.

A company with a long term commitment of executives

The company believes that its board has, so far, worked together by hiring the top executives by identifying “exemplary candidates.” It is quite interesting to acknowledge here that the top executives of this company have also served as the enduring and long-term partners. This means that they have had long term commitments towards Pier 1 Imports Inc. This notion can be reinstated by the fact that Pier 1 Imports Inc is a 55 years old company and so far, it has had only 4 CEOs. In fact, the newly appointed CEO to join the Board of this company shall be the fifth CEO of Pier 1 Imports in around its 55 years of glorified history.

Alex W. Smith too, served the company for a decade, after finally, deciding to bid his adieu. He served Pier 1 Imports Inc. as the CEO and President. In his farewell speech, Mr. Smith said that their company has enjoyed the unique culture with a mindset of “customer first.”

Mr. London, meanwhile, has been serving as company’s non-executive Chairman since 2012. He has remained company’s director since 2003. He is also serving as a Board member of Johnson Outdoors, Inc.

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