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.