The chief financial officer at Pier 1 Imports is leaving to take the same position at Fossil Group as the wristwatch company deals with a sharp slump in sales.
Jeffrey N. Boyer, who joined Fort Worth-based Pier 1 two years ago, will leave effective Oct. 3 to join Richardson-based Fossil, where he has served on the board since 2007. He will replace Dennis Secor who, Fossil said, “has decided to relocate back to California for personal reasons.”
Pier 1 said it will employ an executive search firm to find a new CFO. Boyer joined Pier 1 after long-time CFO Cary Turner retired as the company said it had botched a sales forecast. Boyer previously served as CFO at Tuesday Morning and 24 Hour Fitness.
The news came as Fossil Group lowered its sales forecast for Wall Street, saying it now expects sales to decline as much as 8.5 percent this year, compared with a previous range of up to 6 percent. The company also predicted a deeper loss than it had earlier projected, hurt by a writedown of its assets.
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The guidance provided little hope to investors that Fossil can pull out of its tailspin soon. It’s saddled with a deep reliance on the struggling department-store industry, and the broader watch industry is under attack by Apple and other technology companies. Though Fossil has been expanding into smartwatches and wearable devices, the effort has been slow to pay off.
“We operate in a market and retail environment experiencing unprecedented disruption,” Chief Executive Officer Kosta Kartsotis said in a statement.
As it tries to rebuild, Fossil is releasing a flurry of new devices, including fitness trackers and other tech-heavy timepieces. The company has said it will introduce 300 products this year to fight the downturn. It’s also been closing underperforming stores.
In after-hours trading, Fossil (ticker: FOSL) sank by $2.58 a share, or nearly 22 percent, to $9.26 a share.
Staff writer Steve Kaskovich contributed to this report which includes material from Bloomberg News.