Pier 1 Imports has appointed Douglas Diemoz to the newly created role of President, and Robert Riesbeck as Executive Vice President and Chief Financial Officer, both effective July 22.
Diemoz will oversee Pier 1’s daily operations and performance, including merchandise buying, planning and allocations, marketing, field and e-Commerce operations, global supply chain, information technology and human resources. He has more than 20 years of retail experience with over half of that time focused on home décor and furnishings, most recently serving as the CEO of Crate & Barrel. Prior to that, he was the Chief Development Officer at Restoration Hardware.
Riesbeck has more than 25 years of experience in retail and consumer goods. He will take charge of the company’s financial operations and accounting, including reporting, planning and analysis, treasury, tax procurement and investor relations. He most recently served as CFO of FULLBEAUTY Brands.
Along with the new leadership additions, Pier 1 is creating a new Office of the CEO led by Cheryl Bachelder, the company’s Interim CEO. It will consist of Diemoz, Riesbeck and Robert Bostrom, the retailer’s EVP, Chief Legal and Compliance Officer and Corporate Secretary, who will all guide, supervise and direct Pier 1’s strategy.
Last month, Pier 1 reported $81.7 million in Q1 losses, or $19.97 a share, versus a loss of $28.5 million or $7.11 a share for the same period last year. The company plans to close nearly 60 store locations this year.
“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,” said Bachelder. “Doug has significant experience in home furnishings, has led corporate turnarounds as well as the development of new businesses, and has 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.”