Pier 1 Shareholders to CEO - Don’t Let the Door Hit You on the Way Out
It must be a real downer for a CEO to see the shares rise when he leaves. CNNMoney reports that is what happened when Pier 1’s (PIR) CEO announced his departure. Pier 1 shares jump 5 percent as Chairman leaves - Oct. 2, 2006:
Shares of Pier 1 Imports Inc. rose more than 5 percent Monday after the home decor retailer, struggling with falling sales, said Chairman and Chief Executive Marvin Girouard will retire early next year.Analysts said the change was a welcome step as the Fort Worth, Texas-based company works to reverse six straight quarterly losses and seven straight declines in sales at stores open at least a year, or same-store sales.
“Given the company’s deteriorating performance, despite several attempts to improve advertising and merchandising, we had noted our belief that a change in management could be needed,” Lehman Brothers analyst Alan Rifkin said in a research note.
As far as we could tell, none of the analysts explained how whoever is brought in to replace Girouard will have better luck selling wicker.
Photo: “Monterrey Armchair,” originally uploaded by Island in the Net
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