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From Home Furnishing Business

Pier 1 Authorizes $200M Share Repurchase

Home furnishings retailer Pier 1 Imports  (NYSE: PIR)  has put into effect a $200 million share repurchase program.

The program authorizes the repurchase of put to $200 million of the company's common stock in open market or private transactions. The timing of the repurchase will depend on market conditions and prices. As of Thursday, Oct. 17, the retailer had about 103.8 million shares of common stock outstanding.

Pier 1 also added three directors to its board, and an existing board member, John Burgoyne, has opted not to stand for re-election at the company's June 20 shareholders' meeting.

The new directors are Cynthia McCague, Michael Peel and Ann Sardini.

McCague retired from The Coca-Cola Co.  in May 2010 having served as senior vice president and director of global human resources from June 2004 through November 2009, concluding a 28-year career with the company. 

Peel has served as vice president for human resources and administration at Yale University since October 2008. Previously, he spent 17 years at General Mills where he was last executive vice president of human resources and global business services.

Sardini has over 20 years of experience in senior financial management positions in branded consumer products and media companies. Most recently she served as the CFO of Weight Watchers International from 2002, until her retirement in 2012. 

"We are extremely pleased to announce the addition of Ms. McCague, Mr. Peel, and Ms. Sardini to our board," said Terry London, chairman. "Their experience and insight will serve as a great complement to our existing team as we continue forward. We would also like to acknowledge Mr. Burgoyne's service as a director of the company for 14 years and his dedicated contributions during that time."

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