Pier 1 2014 Annual Report Download - page 9

ITEM 1. BUSINESS.
in material delivered to the Company’s shareholders. Forward-looking statements provide current expectations of future events
based on management’s assumptions and assessments in light of past experience and trends, current economic and industry
conditions, expected future developments, and other relevant factors. These statements encompass information that does not
directly relate to any historical or current fact and often may be identified with words such as “may,” “will,” “anticipates,” “believes,”
“expects,” “estimates,” “intends,” “plans,” “projects” and other similar words and phrases. Management’s expectations and
assumptions regarding planned store openings and closings, financing of Company obligations from operations and other
events, success of its marketing, merchandising and operational strategies, its stores and e-Commerce operation, and other
future results are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the
anticipated results or other expectations expressed in the forward-looking statements. Risks and uncertainties that may affect
Company operations and performance include, among others, the effects of terrorist attacks or other acts of war, conflicts or war
including those involving the United States or its allies or trading partners, labor strikes, weather conditions or natural disasters,
volatility of fuel and utility costs, the actions taken by the United States and other countries to stimulate their economies, the
general strength of the global, national, regional and local economies and levels of consumer spending, consumer confidence,
suitable store sites and distribution center locations, the availability of a qualified labor force and management, the availability and
proper functioning of technology and communications systems supporting the Company’s key business processes and its e-
Commerce operation, the ability of the Company to import merchandise from foreign countries without significantly restrictive
tariffs, duties or quotas, and the ability of the Company to source, ship and deliver items of acceptable quality to its U.S.
distribution centers, stores and customers at reasonable prices and rates and in a timely fashion. The foregoing risks and
uncertainties are in addition to others discussed elsewhere in this report which may also affect Company operations and
performance. The Company assumes no obligation to update or otherwise revise its forward-looking statements even if
experience or future changes make it clear that any projected results expressed or implied will not be realized.
Executive Officers of the Company
ALEXANDER W. SMITH, age 61, joined the Company as President and Chief Executive Officer in February 2007. Prior to joining
the Company, Mr. Smith served as Group President of the TJX Companies, Inc., where he oversaw the operations and
development of Home Goods, Marshalls, TJ Maxx, plus a number of corporate functions. He was instrumental in the
development of the TK Maxx stores in Great Britain and also ran its international operations.
CHARLES H. TURNER, age 57, was named Senior Executive Vice President of the Company in April 2012 and has served as
Chief Financial Officer of the Company since August 1999. Mr. Turner has served the Company for 22 years in key executive
capacities, including Executive Vice President, Senior Vice President of Stores and Controller. Mr. Turner first became an officer
of the Company in 1992 when he was named Principal Accounting Officer. Prior to joining the Company, he was Group
Controller for JC Penney and a Senior Manager for KPMG Peat Marwick.
MICHAEL R. BENKEL, age 45, was named Executive Vice President of Planning and Allocations in April 2012. He joined the
organization in September 2008 as Senior Vice President of Planning and Allocations. Prior to joining the Company, he spent
11 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 as a home furnishings and furniture buyer.
CATHERINE DAVID, age 50, joined the organization in August 2009 as Executive Vice President of Merchandising. Prior to her
current role, Ms. David served as President and Chief Operating Officer of Kirkland’s Inc. and Vice President and General
Manager with Sears Essential, Sears Grand and The Great Indoors. Ms. David also previously served Target Corporation for
13 years in various positions including Vice President and General Manager of target.direct and various positions in the buying,
planning and stores divisions.
GREGORY S. HUMENESKY, age 62, was named Executive Vice President of Human Resources of the Company in February
2005. Prior to his current position, he served in various human resource positions for other retailers, including ten years as Senior
Vice President of Human Resources at Zale Corporation and 21 years in various positions of increasing importance at Macy’s.
ERIC W. HUNTER, age 40, was named Executive Vice President of Marketing in September 2013. Prior to joining the Company,
Mr. Hunter held various positions with JCPenney Company, Kellwood Company, PMK/HBH/Momentum Worldwide and Creative
Artists Agency.
SHARON M. LEITE, age 51, was named Executive Vice President of Sales and Customer Experience in January 2014. She
joined the organization in August 2007 as Executive Vice President of Stores. Prior to joining the Company, she spent eight years
at Bath & Body Works, six years as Vice President of Store Operations and two years in other leadership roles. 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.
PIER 1 IMPORTS, INC. 2014 Form 10-K 5