Pier 1 2011 Annual Report Download - page 13

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SHARON M. LEITE, age 48, joined the organization in August 2007 as Executive Vice President of
Stores and was named an executive officer of the Company in September 2007. Prior to joining the Company,
she spent eight years at Bath & Body Works, six years as Vice President of Store Operations and two years as a
director. Before joining Bath & Body Works, Ms. Leite held various operations positions with several prominent
retailers, including Gap, Inc., The Walt Disney Company, and Limited, Inc.
MICHAEL R. BENKEL, age 42, joined the organization in September 2008 as Senior Vice President of
Planning and Allocations and was named an executive 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 a home furnishings and furniture buyer.
MICHAEL A. CARTER, age 52, was named Senior Vice President, General Counsel and Secretary of the
Company in December 2005. Mr. Carter has served within the organization for twenty 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.
LAURA A. COFFEY, age 44, was named Senior Vice President of Business Development and Strategic
Planning in January 2011. Ms. Coffey has served within the organization for fourteen years in various capacities,
including most recently as Senior Vice President of Finance. Ms. Coffey first became an officer of the Company
in 2005 and was named Principal Accounting Officer in 2008. Prior to joining the Company, she held various
positions with Alcon Laboratories and KPMG, LLP.
DONALD L. KINNISON, age 53, was named Senior Vice President of Marketing and Visual
Merchandising in March 2008 and was named an executive officer of the Company in July 2009. Mr. Kinnison
has served within the organization for twenty-one 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 executive officers of the Company are elected 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 during that recessionary
period resulted in consumers sacrificing purchases of discretionary items, including the Company’s merchandise.
This adversely impacted the Company’s financial results during these years. Such a recession could occur again
and could have a similar, if not worse, impact on the Company’s financial results.
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