Restoration Hardware Reappoints Friedman After InquiryChris Burritt
Restoration Hardware Holdings Inc. reappointed Gary Friedman as chairman and co-chief executive officer less than a year after he resigned following a board inquiry into his personal relationship with an employee.
Friedman, who had a 6.7 percent stake in the home furnishings retailer as of May 20, will continue his work creating and marketing products, the Corte Madera, California-based company said today in a statement. Friedman, 55, will also start a new luxury brand of apparel, accessories and jewelry called RH Atelier.
The executive had served as creator and curator and chairman emeritus since his resignation in September after the disclosure of the relationship, which violated company rules. Carlos Alberini, 57, who had been sole CEO after Friedman stepped down, was also named co-CEO.
“Gary is a visionary with amazing talents who has led the extraordinary transformation of RH into one of the leading luxury brands in the market today,” Alberini said in the statement. “On behalf of our leadership team, I am thrilled to welcome Gary back into this role.”
Cammeron McLaughlin, a company spokeswoman, said Friedman was unavailable for interview.
Restoration Hardware’s shares have more than tripled since it raised $143 million in an initial public offering in November. The stock gained 0.7 percent to $75.93 at the close in New York.