Pier 1 Elects New Directors, Approves $200M Buyback

By FOXBusiness

Shares of Pier 1 Imports (NYSE:PIR) ticked higher on Friday after the retailer announced a new buyback plan of $200 million and elected three new members to its board.

Pier 1 elected Coca-Cola (NYSE:KO) veteran Cynthia McCague, former General Mills (NYSE:GIS) executive Michael Peel and Ann Sardini, who mostly recently served as chief financial officer of Weight Watchers, to its 11-member board.

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“Their experience and insight will serve as a great complement to our existing team as we continue forward,” Pier 1 Chairman Terry London said in a statement.

The company also announced on Friday that director John Burgoyne will not stand for reelection at the company’s annual meeting in June 2014. He has served for 14 years.

“We would like to acknowledge Burgoyne’s service … and his dedicated contributions during that time,” London said.

Shares of Pier 1 were up about 3.2% to $20.95 in recent trade.

The Fort Worth, Texas-based home furnishings retailer, which had 103.8 million shares outstanding as of Oct. 17, said the $200 million repurchase program is effective immediately.

Pier 1 last month cut its full-year view after falling short of average expectations last quarter.

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