Chairman and CEO Marvin Girouard to Retire from Pier 1 Imports

Furniture World News

Pier 1 Imports, Inc. announced that Chairman and Chief Executive Officer, Marvin J. Girouard, has decided that he will retire from the Company and the Board on February 28, 2007. "I am grateful to the Board for their support. I feel that it is time for me to leave in the course of a normal retirement and allow new leadership to emerge and flourish. I have enjoyed my 32 years of service, including being President and Chief Operating Officer for 10 years, Chief Executive Officer for over 8 years and Chairman of the Board for 7 years. During that time I have been part of building the business to almost $2 billion in revenues, with over 1200 stores and 17,000 employees to become North America's largest specialty retailer of imported decorative home furnishings and gifts. I am extremely proud of all Pier 1 associates throughout our chain, and appreciate their support and hard work over the years." The Board's independent directors have hired a New York-based retail executive search firm, Herbert Mines Associates, to assist it in selecting a new Chief Executive Officer. "Pier 1 has built an exceptional brand," said Harold D. "Hal" Reiter, Chairman and Chief Executive Officer for Herbert Mines Associates. "Marvin leaves a rich legacy, and I expect there to be strong interest in this position among qualified candidates." In thanking Mr. Girouard for his contributions to the Company, the Board of Directors expressed its commitment to a thoughtful succession strategy. "Our goal is for a smooth transition that can allow our associates to keep their focus on serving our customers and building shareholder value," said Executive Committee members Jim Hoak and Tom Thomas. "We understand the Company's place in the community - locally, nationally and internationally - and will consider each candidate's ability to build on Pier 1's successful record for outstanding corporate citizenship." Pier 1 Imports, Inc. is North America's largest specialty retailer of imported decorative home furnishings and gifts with Pier 1 Imports® stores in 49 states, Puerto Rico, Canada, and Mexico and Pier 1 kids® stores in the United States. Information about the Company is available on www.pier1.com.