After nearly a decade with the Fort Worth-based home furnishings company, Pier 1 Imports CEO Alex Smith is leaving at the end of the year.
Smith, who joined Pier 1 in February 2007, will resign as president and CEO on Dec. 31. The company’s board of directors “mutually agreed”with Smith on his decision to step down, Pier 1 said in a statement.
Smith’s departure comes as the company also said that net sales fell 6.7 % in Q2 compared to the same quarter last year. The board said it is working with search firm Korn Ferry to find a new CEO.
“Alex spearheaded the transformation of Pier 1 Imports from a pure brick-and-mortar business to establish the competitive omnichannel platform we have in place today,”said Terry London, Chairman of Pier 1 Imports in a statement. “The company is now well positioned with the infrastructure, capabilities and brand equity to effectively compete in the changing retail environment.”