Pier 1 2010 Annual Report Download - page 13

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MICHAEL R. BENKEL, age 41, joined the organization in September 2008 as Senior Vice President of
Planning and Allocations and was named an officer of the Company in July 2009. Prior to joining the Company,
he spent eleven years at Williams-Sonoma Inc. in continuously advancing positions in the Pottery Barn Retail
Stores division, including Vice President of Inventory Management, Director, Inventory Management, and home
furnishings and furniture buyer.
MICHAEL A. CARTER, age 51, was named Senior Vice President, General Counsel and Secretary of the
Company in December 2005. Mr. Carter has served within the organization for nineteen years in various
leadership capacities including Vice President – Legal Affairs, and Corporate Counsel. Mr. Carter first became
an officer of the Company in 1991 when he was named Assistant Secretary. Mr. Carter is a licensed attorney in
the State of Texas. Prior to joining the Company, Mr. Carter practiced law with the Fort Worth, Texas law firm
of Brackett and Ellis, LLP.
DONALD L. KINNISON, age 52, was named Senior Vice President of Marketing and Visual
Merchandising in March 2008 and was named an officer of the Company in July 2009. Mr. Kinnison has served
within the organization for twenty years in various capacities including Vice President of Visual Merchandising
and Merchandise Support and Director, Visual Merchandising. Prior to joining the Company, Mr. Kinnison held
various positions with May Company and Federated Department Stores.
The officers of the Company are appointed by the Board of Directors, and hold office until their
successors are elected or appointed and qualified or until their earlier resignation or removal. None of the above
executive officers has any family relationship with any other of such officers or with any director of the
Company. None of such officers was selected pursuant to any arrangement or understanding between him and
any other person.
Item 1A. Risk Factors.
Strategic Risks and Strategy Execution Risks
An overall decline in the health of the United States economy and its impact on consumer confidence and
spending could adversely impact the Company’s results of operations.
The recession experienced by the United States in recent years resulted in a significant decline in the
market value of domestic and foreign companies, adversely affecting the savings and investments of United
States consumers. The resulting deterioration in consumer confidence and spending resulted in consumers
sacrificing purchases of discretionary items, including the Company’s merchandise, adversely impacting the
Company’s financial results. Although the economy appears to be slowly recovering, that recovery could falter
and the recession could continue or such a recession could occur again and could have a similar, if not worse,
impact on the Company’s financial results.
The success of the business is dependent on factors affecting consumer spending that are not controllable
by the Company.
Consumer spending, including spending for the home and home-related furnishings, are further dependent
upon factors besides general economic conditions and include, but are not limited to, levels of employment,
disposable consumer income, prevailing interest rates, consumer debt, costs of fuel, inflation, recession and fears
of recession or actual recession periods, war and fears of war, pandemics, inclement weather, tax rates and rate
increases, consumer confidence in future economic conditions and political conditions, and consumer perceptions
of personal well-being and security. Unfavorable changes in factors affecting discretionary spending could
reduce demand for the Company’s products and therefore lower sales and negatively impact the business and its
financial results.
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