CEO of Pier 1 Imports stepping down

Pier 1 Imports is on the hunt for a new chief executive.



The home décor retailer said that its board of directors had “mutually agreed” with Alex W. Smith that he will step down as president, CEO and a board member, effective Dec. 31, 2016. Pier 1’s board is working with Korn Ferry to find a new CEO.



Smith had led the chain nearly 10 years. His resignation comes after several quarters of slumping sales. Pier 1 announced Wednesday that preliminary net sales for the most recent quarter ended Aug. 27 fell 6.7%; same-store sales decreased 4.3%.



“We greatly appreciate Alex’s many years of leadership and considerable contributions to Pier 1 Imports,” said Terry London, chairman of Pier 1. “Most notably, he led a remarkable turnaround of the business from 2009 to 2013, creating one of the most profitable specialty stores in our sector. Subsequently, 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.



Prior to Pier 1, Smith served for 12 years at TJX Cos., where he was senior executive VP and international group president.



“Leading the Pier 1 Imports team for nearly 10 years has been a joy,” Smith said. “Our wonderful associates across the organization have inspired me every day. Together we have achieved a great deal of success, sustained by our exceptional culture. Now it’s time for me to do something new. I wish the best for Pier 1 Imports – a strong brand and a great company.”