Pier 1 is hoping to boost the value of its common stock by repurchasing a chunk of its outstanding shares. The company's board has authorized a buyback program for up to $200 million worth of stock. The buybacks will be effected through both open market and privately negotiated purchases.
Currently, Pier 1 has slightly over 105.7 million shares outstanding. Its stock trades at $21.00 per share.
The company also elected new members to its board, former Coca-Cola executive Cynthia McCague, Yale University Vice President for Human Resources and Administration Michael Peel, and ex-Weight Watchers CFO Ann Sardini. All told, the board's total membership is comprised of 11 people.
The article Pier 1 Launches Share Buybacks, Appoints New Board Members originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Coca-Cola. The Motley Fool owns shares of Weight Watchers International. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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