Fort Worth

Pier 1 Imports names Kmart president as new CEO

Pier 1 Imports named a new president and CEO on Monday.
Pier 1 Imports named a new president and CEO on Monday. Donna McWilliam - AP

Pier 1 Imports has named Alasdair James, a veteran retail executive who has been leading Kmart, as its new president and CEO.

James, 46, will start on May 1, succeeding Alex Smith, who retired at the end of the year after leading Pier 1 for 10 years. James has been president of Kmart, a unit of Sears Holdings, since 2014.

Prior to that, James was an executive at Tesco PLC, a British multinational grocery and retailer, since 2007 after working in international marketing for PepsiCo and GlaxoSmithKline.

James’ “strong, consumer-focused background” was a draw for Pier 1, board chairman Terry E. London said in a statement released late Monday after the close of trading on Wall Street.

On Tuesday, Pier 1 shares (ticker: PIR) declined 21 cents, or nearly 3 percent, to $6.89.

Pier 1 operates more than 1,000 stores in North America. But in recent years, the company has focused on expanding its e-commerce business and advancing an omni-channel strategy, giving shoppers the opportunity to order online and pick up products at their neighborhood stores.

Last month, Pier 1 disclosed a plan to close about 100 stores through fiscal 2019 and raised its profit forecast for the fourth quarter. The company plans to release its year-end results on April 12.

This report includes material from the Star-Telegram archives