From Home Furnishing Business
RH Promotes Jack Preston to CFO, Blignaut Steps Down
2019 by Laurie Northington in Business Strategy, Industry
RH (NYSE: RH) has announced the appointment of Jack Preston as chief financial officer. Preston will lead all financial functions including strategic and financial planning, accounting, treasury, tax, internal audit and investor relations across the company’s multiple businesses and brands.
Preston is currently a member of the RH executive leadership team, serving as senior vice president, finance and chief strategy officer. Preston joined RH in 2013 and previously worked in investment banking at Bank of America Merrill Lynch for more than twelve years where he executed multiple financings for consumer and retail companies including RH’s initial public offering. Preston holds a bachelor of commerce degree from the University of British Columbia.
Previous CFO, Ryno Blignaut has decided based upon health considerations to step down from his current role at RH. In order to assure a seamless transition of his responsibilities, Blignaut’s resignation will take effect on April 3 or such earlier date as RH elects to file its Annual Report on Form 10-K.
“We are pleased to announce the promotion of Jack Preston to the position of chief financial officer of RH,” said Gary Friedman, chairman and CEO. “Jack’s experience working with the RH leadership team in roles of increasing responsibility since 2013 makes him a perfect fit to assume the role of chief financial officer as we continue our pursuit of becoming one of the most innovative and admired brands in the world.During Jack’s six years at RH, he has been a key contributor in the architecture of our new membership and business models, as well as leading multiple financing and capital markets transactions including our three 0% convertible note offerings and share repurchase programs.”
Friedman continued, “All of us at RH are grateful for Ryno’s contributions and understand that he currently needs to allocate a substantial portion of his time to personal matters. We appreciate Ryno’s willingness to work closely with Jack and the RH leadership team to help ensure a smooth transition and wish Ryno and his family all the best for the future.”
“It has been a privilege working with Gary and the entire RH team,” said Blignaut. “I joined RH looking forward to being a long-term contributor to one of the most innovative companies in retail. Although I am not able to continue in my role, I have a high level of confidence in Jack’s ability to lead the finance organization going forward. Jack has been a key partner to me during my time at the Company and I wish both him and Team RH continued success.”
RH expects to report fourth quarter and fiscal 2018 financial results during the week of March 25.