Pier 1 CFO Retires

February 10, 2015  by in Executive Changes, Financial Reports, Furniture Retailing, Industry   

The company said it has started a search for a permanent replacement. Turner had been with the company for more than 23 years.

The company also released revised financial guidance for the fiscal year ended Feb. 28, citing softer than expected sales in January and so far this month. Pier 1 also said it had higher than forecasted expenses, mostly related to supply chain costs.

Coffey is no stranger to the Pier 1 board room either and has been with the retailer for more than 17 years.

A CPA, she joined Pier 1 in 1997 and has held various positions, including vice president – assistant controller, principal accounting officer, senior vice president of finance, senior vice president of business development and strategic planning and most recently, senior vice president of planning. Coffey spearheaded the implementation of the company’s e-commerce website and omni-channel capabilities. Prior to Pier 1, she held positions with Alcon Laboratories and KPMG, LLP.

“We are delighted and fortunate to have Laura serve as interim CFO,” said Alex Smith, president and CEO. “She is a strong and experienced executive who brings both financial and operational expertise to this role. Having been with Pier 1 Imports for over 17 years, Laura has a keen understanding of our business, culture and long-term vision.”

Turner led the retailer through a number of challenges during his time as CFO.

“We greatly appreciate his dedication, hard work and enduring spirit as he served in key executive capacities,” Smith said. “Cary played an important role in navigating the Company through numerous challenges and helping to lead us through a significant financial turnaround during his tenure. On behalf of the Board of Directors, we thank him for his extensive contributions and wish him all the best in his retirement.”