Pier 1 Hires Former Kmart President as CEO

April 4, 2017  by Larry Thomas in Executive Changes, Industry   

James, who will join Pier 1 on May 1, most recently was president of Kmart, a post he held since 2014. Earlier, he held senior management posts with retailer Tesco PLC, where he was commercial director of the global business unit and executive vice president and commercial director of Tesco China.

At Pier 1, he is replacing Alex Smith, who was ousted last year by the board of directors.

“With more than 15 years of retail and consumer goods experience in the U.S., U.K. and China, Alasdair has the expertise and global operating skills necessary to drive long-term success for our brand," said Pier 1 Chairman Terry London. "He is a proven leader in the consumer space, broadly-skilled in sales, marketing, brand management and data analytics, with a track record of implementing consumer-facing initiatives to transform businesses in tough environments while driving operational improvement.”

London said James was hired following a "thorough and thoughtful search process," during which they sought candidates with consumer-focused backgrounds and proven leadership skills.

“Alasdair comes to us with the strong, consumer-focused background, track record of success and strategic capability we were seeking," he said.

"I look forward to working with such an accomplished executive team who have, over the past five years, successfully transformed the company to a fully functional omni-channel business," James added. "The company's exceptional brand recognition, loyal customer base and special and deeply-rooted company culture provide a strong platform for future success. I believe there is a significant opportunity in front of us to continue to transform the business and drive growth and shareholder value in today’s quickly evolving retail landscape.”

In a filing with the Securities and Exchange Commission, the company said James will receive a base salary of $1 million annually, plus a $300,000 signing bonus that must be repaid if he is terminated for cause or voluntarily leaves the company within 12 months.

In addition, he will receive stock options worth about $1 million that will vest over a five-year period, and will get two grants of shares of restricted stock that are worth a combined $2.5 million, based on the average closing price of Pier 1 stock over the last 30 days.