News

Pier 1 chief leaving post by year's end

September 9, 2016

Home furnishings retailer Pier 1 is on the hunt for a new CEO as its current top leader is stepping down come January.
Alex Smith, CEO and president, will leave his post at a time when the retailer is struggling, given dipping sales reports, according to the Star Telegram.
Smith, who will also vacate his board role, said his near-decade of service was a "joy," and Pier 1 Chairman Terry London credited him with a "remarkable turnaround from 2009 to 2013."

The past few years, however, have not been so encouraging as profits dropped nearly 50 percent last year, according to the news report, and this year's first fiscal quarter revealed a 4.3 percent sales drop with a loss of $6 million.