Pier 1 CEO to exit

Image: Mike Mozart / CC BY 2.0

Pier 1 Imports President and CEO Alex Smith is stepping down in what the company describes as a mutually agreed-upon decision.

His departure is effective Dec. 31 and the board of directors is conducting a search for a new CEO.

Smith joined Pier 1 as CEO in 2007 and the announcement dovetails with an expected second quarter loss, following several challenging years.

Still, he is credited with helping the chain transition from a brick-and-mortar retailer by building a digital platform and presence.

RELATED: Pier 1 is banking on omnichannel growth

"He led a remarkable turnaround of the business from 2009 to 2013, creating one of the most profitable specialty stores in our sector," said Chairman Terry London. "Subsequently, Alex spearheaded the transformation of Pier 1 Imports from a pure brick-and-mortar business to establish the competitive omnichannel platform we have in place today. The company is now well-positioned with the infrastructure, capabilities and brand equity to effectively compete in the changing retail environment."