Shares of Pier 1 ( PIR) climbed Tuesday after the struggling home furnishings retailer named TJX ( TJX) executive Alex W. Smith as its new president and CEO. Smith will replace Marvin Girouard, who announced last year that he planned to retire after 32 years with the Fort Worth, Texas, company. Pier 1 said director Tom Thomas will take Girouard's place as chairman. The move is effective Feb. 19. Shares of Pier 1 jumped 45 cents, or 7.4%, to $6.56. Smith, 54, most recently held the role of senior executive vice president - group president at TJX, the operator of discount stores T.J. Maxx and Marshall's. "Alex is a career retailer having spent a significant part of his early career on the merchandising side for department and specialty stores," said Thomas in a statement. "He has played a key role throughout his career in the companies for which he worked and he has the necessary understanding of the retail industry in North America and globally to lead the company." Smith will have his work cut out for him as he takes the helm. Pier 1 has been struggling with same-store sales declines and quarterly losses for nearly two years. For the first nine months of fiscal 2007, the company's loss totaled $168.5 million, or $1.93 a share.