This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Pier 1 Imports, Inc. Announces New $200 Million Share Repurchase Program; Addition Of Members To Its Board Of Directors

Pier 1 Imports, Inc. (NYSE:PIR) today announced its Board of Directors has authorized a new $200 million share repurchase program. The new share repurchase program is effective immediately and authorizes the repurchase of up to $200 million of the Company’s common stock in open market or private transactions. The timing of the repurchases will depend on several factors, including prevailing market conditions and prices. As of October 17, 2013, the Company had approximately 103.8 million shares of common stock outstanding.

Board of Directors

The Company also announced the Board of Directors elected Cynthia P. McCague, Michael A. Peel, and Ann M. Sardini to the Board of Directors.

In addition to the election of these new members to the Board of Directors, John H. Burgoyne has informed the Company that he will not stand for re-election as a director of the Company at the 2014 annual meeting of shareholders scheduled to be held on June 20, 2014. Mr. Burgoyne will serve the remainder of his term as director through the Company’s annual meeting of shareholders.

Terry London, Chairman of the Board of Directors commented, “We are extremely pleased to announce the addition of Ms. McCague, Mr. Peel, and Ms. Sardini to our board. 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 fourteen years and his dedicated contributions during that time.”

The Board of Directors of the Company is currently comprised of the following directors: Terry E. London, Chairman of the Board; Claire H. Babrowski; Cheryl A. Bachelder; John H. Burgoyne; Hamish A. Dodds; Brendan L. Hoffman; Cynthia P. McCague; Michael A. Peel; Ann M. Sardini; Alexander W. Smith; and Cece Smith.

About the New Directors

Cynthia P. McCague retired from The Coca-Cola Company in May 2010 having served as Senior Vice President and Director of Global Human Resources for The Coca-Cola Company from June 2004 through November 2009, concluding a 28 year career with the company. From 2000 through June 2004, Ms. McCague led the human resources function at Coca-Cola Hellenic, a large publicly-traded Coca-Cola bottler. Prior to that, Ms. McCague led the human resources function for Coca-Cola Beverages Plc in Great Britain, the predecessor to Coca-Cola Hellenic. Ms. McCague currently serves on the board of directors of Monster Worldwide, Inc. and is a member of its compensation committee.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,959.19 -78.78 -0.44%
S&P 500 2,095.63 -13.29 -0.63%
NASDAQ 5,008.0410 -52.2050 -1.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs