FORT WORTH, Texas--(BUSINESS WIRE)--
Pier 1 Imports, Inc. (PIR) today announced that it has appointed Robert Bostrom, 66, as Executive Vice President, Chief Legal and Compliance Officer and Corporate Secretary, effective immediately. Mr. Bostrom succeeds Michael Carter, who retired from Pier 1 in September 2018. He has nearly 40 years of legal and corporate governance experience, including more than 16 years at publicly traded companies in the retail and retail financial services sectors.
“Bob is an exceptional addition to our senior leadership team,” said Cheryl Bachelder, Interim CEO. “He brings extensive public company legal and governance expertise, and strong business acumen to the organization at this important time as we work to restore sales growth and improve profitability.”
Most recently, Mr. Bostrom worked at Abercrombie & Fitch (ANF), where he served as Senior Vice President and Special Counsel since October 2018, and as Senior Vice President, General Counsel & Corporate Secretary from 2014 to 2018. Prior to Abercrombie & Fitch, he served as Co-Chair of the Financial Institutions and Regulatory Compliance practice at international law firm Greenberg Traurig, LLP from 2012 to 2013, and as Co-Head of the Global Financial Institutions and Funds Sector for SNR Denton, one of the largest law firms worldwide, from 2011 to 2012. Previously, Mr. Bostrom held General Counsel positions with Freddie Mac from 2006 to 2011 and National Westminster Bancorp from 1992 to 1996. He also spent nine years with Winston & Strawn LLP, where he was Head of the Financial Institutions Practice from 1996 to 2006 and Managing Partner of the New York office from 1997 to 2005. Mr. Bostrom served as a member of the Board of Directors of NeuLion, Inc. from 2014 to 2018, prior to its acquisition by Endeavor (formerly WME-IMG). He began his career as an attorney for the Federal Reserve Bank of New York. Mr. Bostrom holds a J.D. from Boston College Law School and a Masters of International Affairs from Columbia University’s School of International & Public Affairs.
Mr. Bostrom stated, “I look forward to partnering with both the leadership team and Board and leveraging my industry experience. I believe Pier 1 has a tremendous heritage, an inclusive culture focused on success and the underlying operational strength that will position us to drive improved performance over the long term.”
On January 23, 2019, pursuant to the terms of his employment, Mr. Bostrom received a one-time award of 657,894 shares of restricted common stock, having a value of $375,000 based on the 30-day trailing average of the closing price of Pier 1 Imports, Inc. common stock as of January 23, 2019. The shares will vest in equal annual installments on the first, second and third anniversaries of the grant date, subject to his 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.