Chairman of Pier I Imports to fill in as CEO

Still on the hunt for a new chief executive, Pier 1 Imports has tapped its chairman to serve in the role on an interim basis.



The home furnishings and décor retailer has appointed Terry E. London, chairman of the board, to the position of interim president and CEO. His appointment takes effect on January 1, 2017, in conjunction with the planned departure of Alex W. Smith, the current president and CEO of Pier I, on December 31, 2016.



Smith has been CEO of Pier I since 2007. In September, the home décor retailer said he would retire at the end of the year. The announcement came after the company reported its fourth straight quarter of sales declines.



“I am pleased to step in as Interim CEO as we continue to collaborate with Korn Ferry on our search for a new chief executive officer,” said Terry London, chairman. “The board has worked diligently to identify exemplary candidates who share our commitment to delivering long-term shareholder value. Notably, the next leader of Pier 1 Imports will be just the fifth CEO in the company’s nearly 55-year history.”



London has served as the non-executive chairman of the board of directors of Pier 1 Imports since June of 2012 and has been a director since 2003. Until July of 2015, he served as chairman of London Broadcasting Company, which he founded in 2007 to identify and acquire media and entertainment companies.



He was previously President and CEO of Gaylord Entertainment Company, a diversified media and entertainment company.