February 13, 2007
Executive tug of war between TJX and Pier 1
By Christina Davis
Home décor retailer Pier 1 Imports has filed suit in Texas state court against Framingham-based TJX Cos. over a new hire squabble.
Pier 1 is seeking a temporary restraining order in its home state of Texas to prevent TJX from interfering with the employment of Pier 1's new President and CEO Alex Smith, who was formerly a senior executive at TJX.
According to a release from Pier 1, TJX has been threatening to sue Smith to prevent him from starting his new job on Monday. Pier 1 announced on Jan. 30 that Smith would replace Marvin J. Girouard, who is retiring on Feb. 19 after 32 years with the company.
Smith's compensation package at Pier 1 is expected to include a $1 million base salary, a first year bonus between $500,000 and $750,000, and various stock options.
Pier 1 is seeking a temporary restraining order in its home state of Texas to prevent TJX from interfering with the employment of Pier 1's new President and CEO Alex Smith, who was formerly a senior executive at TJX.
According to a release from Pier 1, TJX has been threatening to sue Smith to prevent him from starting his new job on Monday. Pier 1 announced on Jan. 30 that Smith would replace Marvin J. Girouard, who is retiring on Feb. 19 after 32 years with the company.
Smith's compensation package at Pier 1 is expected to include a $1 million base salary, a first year bonus between $500,000 and $750,000, and various stock options.
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