Williams-Sonoma Chairman/CEO Lester To Retire
Howard Lester will retire from his position as chairman and CEO of Williams-Sonoma Inc. at the company’s May 2010 shareholder meeting. He will also give up his board seat.
He will retain a consulting and advisory role through December 2012 and have the title of chairman emeritus.
Lester has led the company since 1978 when he purchased it from its founder, Chuck Williams. At that time, the company had four stores, a small catalog and $4 million in revenue. The company currently boasts six e-commerce Web sites, seven catalogs, and more than 600 stores spanning the United States, Canada and Puerto Rico, with additional locations soon to open in the Middle East.
Upon Lester’s retirement, the board will appoint Laura Alber as the company’s CEO. Alber will also take a seat on the board. Alber joined the company in 1995 and was appointed to her current role as president in 2006.
“[This] announcement is the culmination of the long-term succession plan we set in motion upon my reappointment as CEO in July 2006,” Lester said in a statement. “I could not be more proud of what we have built and have complete confidence that the company will continue to thrive under the leadership team headed by Laura.”
The board also intends to appoint Adrian Bellamy, the current lead independent director, as non-executive chairman of the board upon his re-election at the company’s 2010 annual shareholders’ meeting. Bellamy, who joined the board in 1997, has served as chairman and CEO of DFS Group Ltd. for 12 years and on the boards of Gucci Group N.V. and The Body Shop. He also currently serves as a Director of Gap Inc. and is Chairman and Director of Reckitt Benckiser plc.
The board intends to renominate Pat Connolly, executive VP and CMO, and a director since 1983, to the board at the 2010 annual shareholders’ meeting.
In addition, the board intends to include CFO Sharon McCollam as a nominee to the board in May 2010.
