FORT WORTH, Texas--(BUSINESS WIRE)--
Pier 1 Imports, Inc. (PIR) today announced that it has appointed Lance Wills as Executive Vice President, Chief Information Officer, effective immediately. Mr. Wills joins Pier 1 with almost 23 years of information technology experience, including more than 10 years at companies in the retail sector where he was responsible for managing omni-channel platforms, supporting business transformations, building digital expertise and enhancing the customer journey.
“We are delighted to welcome Lance to the Pier 1 leadership team,” said Cheryl Bachelder, Interim CEO. “As we continue to narrow our strategic focus and employ a more customer-centric mindset across the company, we are committed to building upon our existing technology platform and increasingly capitalizing on data insights to help drive our business and customer initiatives forward. Lance brings the leadership, expertise and track record of execution we need to support multi-channel customer experiences as we strive to restore sales growth and improve profitability.”
Most recently, Mr. Wills served as Executive Vice President, Global Technology Officer for Toys”R”Us, Inc. from 2016 to 2018. Prior to that, he spent three years with American Eagle (AEO) as Vice President, Global Head of Digital Technology from 2013 to 2016, and six years with Macy’s, Inc. (NYSE:M) as Vice President, Digital Technology. Earlier in his career, Mr. Wills served in various roles for Thomson Reuters, including Executive Director of Software Engineering and Technology Strategy Consultant. He holds a B.S. in Information Systems from the Central Institute of Technology in New Zealand.
Mr. Wills stated, “I am excited about joining Pier 1, and look forward to leveraging my experience to drive innovation and change, while creating value for our customers as well as a better experience for our associates.”
On February 4, 2019, pursuant to the terms of his employment, Mr. Wills received a one-time award of restricted stock having a value of $200,000. The award consists of 263,157 shares, based on the 30-day trailing average of the closing price of Pier 1 Imports, Inc. common stock as of February 4, 2019. The shares will vest in equal annual installments on the first, second and third anniversaries of the grant date, subject to Mr. Wills’ continued employment with the Company. These shares have been granted in reliance on the employment inducement exception to shareholder approval provided under New York Stock Exchange Listing Rule 303A.08.
Financial Disclosure Advisory
Except for historical information contained herein, the statements in this press release or otherwise made by our management in connection with the subject matter of this press release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors. This press release includes forward-looking statements that are based on management’s current estimates or expectations of future events or future results. These statements are not historical in nature and can generally be identified by such words as “believe,” “expect,” “estimate,” “anticipate,” “plan,” “may,” “will,” “intend” and similar expressions. Management’s expectations and assumptions regarding future results are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements included in this press release. These risks and uncertainties include, but are not limited to: the impact of initiatives implemented in connection with the Company’s multi-year “New Day” strategic plan, particularly with respect to changes in the initiatives supporting the New Day plan and actions intended to return the Company to profitable growth; the impact of initiatives connected with the appointment of the Company's interim chief executive officer; the results of the evaluation of strategic alternatives and the terms, value and timing of any transaction resulting from that process, or the failure of any such transaction to occur; the effectiveness of the Company’s marketing campaigns, merchandising and promotional strategies and customer databases; consumer spending patterns; inventory levels and values; the Company's ability to increase cash flows to support its operating activities; the effectiveness of the Company's relationships with, and operations of, its key suppliers; the Company’s ability to implement planned cost control measures; risks related to U.S. import policy, particularly with regard to the impact of tariffs on goods imported from China and strategies undertaken to mitigate such impact; and changes in foreign currency values relative to the U.S. dollar; the Company's ability to identify a successor chief executive officer and retain its senior management team; the Company's ability to comply with the continued listing requirements of the NYSE, and risks arising from the potential suspension of trading of the Company's common stock on that exchange. These and other factors that could cause results to differ materially from those described in the forward-looking statements contained in this press release can be found in the Company’s Annual Report on Form 10-K, its Quarterly Report on Form 10-Q for the period ended December 1, 2018 and in other filings with the SEC. Refer to the Company’s most recent SEC filings for any updates concerning these and other risks and uncertainties that may affect the Company’s operations and performance. Undue reliance should not be placed on forward-looking statements, which are only current as of the date they are made. The Company assumes no obligation to update or revise its forward-looking statements.
About Pier 1
Founded with a single store in 1962, Pier 1 is a leading omnichannel retailer of unique home décor and accessories. The company’s products are available through more than 980 Pier 1 stores in the U.S. and Canada and online at pier1.com. For more information or to find the nearest store, please visit pier1.com.