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To: LastShadow who wrote (10664)	6/25/1998 6:22:00 PM
From: Peter O.	Respond to of 120523

Last, PIR - Change of CEO is non-event according to analyst & 3 for 2 Stock Split and Dividend announced after market close. Favorable info for entering? See below: Peter --------------------- Thursday June 25, 12:11 pm Eastern Time Pier 1 chairman/CEO to step down FORT WORTH, Texas, June 25 (Reuters) - Pier 1 Imports Inc. said Thursday that Clark Johnson is stepping down as chief executive officer and will continue as nonexecutive chairman only until March 1, 1999, when he will leave the company. Pier 1 said its board had elected Marvin Girouard to succeed Johnson as CEO. Girouard has been president and chief operating officer since 1988. He continues as president. Wall Street analysts said the executive changes had been expected. They said they did not foresee any changes in company strategy because Johnson and Girouard have worked closely together for some time. ''I see the move as a nonevent, really,'' David Rose, analyst for Jefferies & Co., told Reuters. ''Girouard has effectively been handling the day-to-day work for some time, so I do not expect any strategy changes.'' Pier 1 is North America's largest specialty retailer of imported home furnishings, gifts and related items. It has stores in 47 states, Puerto Rico, Canada, the UK, Japan and Mexico. --------------------- Thursday June 25, 4:26 pm Eastern Time Company Press Release Pier 1 Imports Announces Stock Split, Declares Dividend FORT WORTH, Texas--(BUSINESS WIRE)--June 25, 1998--Pier 1 Imports, Inc. (NYSE:PIR - news) announced a 3 for 2 stock split of its common shares and a 12.5% effective increase in the Company's quarterly cash dividend on the post split shares. New shares will be distributed on July 29, 1998 to holders of record on July 15, 1998. The cash dividend of 3 cents per share will be paid on August 26, 1998, to record holders of August 12, 1998. The stock split will be effected in the form of a 50% stock dividend, and currently, there are 67.9 million shares of common stock outstanding. ''Pier 1 Imports has just concluded another record year of solid growth in sales and is pleased to share the Company's success with its shareholders,'' said Marvin J. Girouard, President and CEO. Pier 1 Imports is North America's largest specialty retailer of imported decorative home furnishings, gifts and related items in 47 states, Puerto Rico, Canada, the United Kingdom, Mexico and Japan.