Restoration Hardware Plunges as Co-CEO Departs

NEW YORK (TheStreet) - Shares of Restoration Hardware (RH) plunged more than 12% in after-hours trading after the high-end home furnishings retailer announced the surprise departure of co-CEO Carlos Alberini as third-quarter comp sales missed expectations.

Alberini, 58, who has been in Restoration Hardware's C-suite since 2010, has accepted an offer to become chairman and CEO of Lucky Brand, which has been acquired by Leonard Green & Partners from Fifth & Pacific (FNP). The deal is expected to close next year.

Alberini will remain on at Restoration Hardware until Jan. 31, continuing to serve as a member of the board of directors and remain a significant shareholder in the company. Alberini currently holds a 3.2% stake in Restoration Hardware, according to Bloomberg data.

"On behalf of myself, the board and the entire RH team, I want to express our deepest thanks to Carlos for the numerous contributions he has made as Co-Chief Executive Officer," Gary Friedman, chairman and co-CEO said in a statement. "His leadership has been invaluable, and we are delighted with his continuing service as a member of our Board of Directors."

Read the original:
Restoration Hardware Plunges as Co-CEO Departs