Pier 1 Imports Shareholder Alden Global Calls For Board Reconstitution; Says Willing to Help With CEO Search

Pier 1 Imports (PIR) shares were up Friday morning after shareholder Alden Global Capital delivered a letter to the company’s chairman Terry London and the board, asking for an immediate reshuffling of the board in an effort to turnaround the company’s “deteriorating operating performance.”

Alden Global, which is the Pier 1 Imports’ largest shareholder with a 9.5% stake, reiterated its willingness to work with the company in an ongoing CEO search process.

The shareholder noted it is “well-positioned to assist in the CEO selection process,” adding it has already identified several external candidates.

Specifically, Alden Global requested Pier’s board to immediately appoint its representative Heath Freeman as a director to assist with the CEO search process and to appoint additional independent directors that it recommended.

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