Pier 1 Cfo Fired Over Bad Investments

Pier 1 Imports Inc. fired Chief Financial Officer Robert Herndon for hiring and failing to monitor the activities of money manager Jay Goldinger, whose trading resulted in losses of $19.3 million.

Herndon, 61, who served as CFO for 11 years, was suspended in January after the company launched an internal investigation into the losses. Friday, it said he was fired “for cause.”

“The loss of funds invested with Goldinger remains a bitter pill for the company to swallow and is an unfortunate blemish on our company’s record,” said Clark A. Johnson, Pier 1’s chairman.