Restoration Hardware reinstates Friedman as chairman, co-CEO
July 3, 2013,
The company said Friedman is returning to his prior role immediately, alongside Carlos Alberini, former CEO and once again co-ceo.
The company also said that Restoration Hardware - now called RH - acquired the exclusive right to develop Hierarchy, a new concept that will be rebranded as RH Atelier with a focus on developing luxury apparel, accessories and other items that will be integrated into RH.
In August 2012, the company said it was reorganizing management, essentially to create Hierarchy. That's when Friedman left his executive roles at RH to lead the Hierarchy effort.
Later in the year, however, the company confirmed reports that Friedman had stepped down after a board investigation prompted by a disclosure that he engaged in consensual personal relationship and activities "inconsistent" with its expectations for executive conduct.
"Gary's unique vision, creativity and passion have been invaluable to the growth and transformation of RH," Michael Chu, former chairman, said in a press release today. He added that Friedman and Alberini made significant contributions to the company's success and that the board is "excited about the future growth and evolution of the RH brand under their leadership."
The release did not mention the previous controversy.
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