Howard Lester served 31 years with company
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Williams-Sonoma Inc. (San Francisco) announced that chairman and ceo Howard Lester will retire during the retailer's May annual meeting. President Laura Alber will take over as ceo at the kitchenware and home furnishings company, while lead independent director Adrian Bellamy has been named nonexecutive chairman.
"Today's announcement is the culmination of the long-term succession plan we set in motion upon my reappointment as ceo in July 2006," says Lester, who has led the company since he bought it from founder Chuck Williams in 1978.
Lester helped the company grow from four stores, one catalog and $4 million in revenue into a stable of brands with more than 600 stores, seven catalogs and nearly $1.9 billion in revenue. He will continue to provide consulting services through December 2012, at an annual pay of $500,000, among other benefits.
Williams-Sonoma operates stores under its namesake, Pottery Barn and West Elm banners.
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