Restoration Hardware, a luxury home furnishings company rooted in Corte Madera, is going through a major redesign with its leadership.
Gary Friedman is stepping down as Chairman and Co-CEO of Restoration Hardware after an investigation revealed the 54-year-old had an inappropriate relationship with a 26-year-old female employee. She has since left the company and they are still in a relationship, according to the New York Times.
The purpose of the reorganization, according to a statement released by Restoration Hardware, is "to create a vehicle to incubate new lines of business to support the Company’s future growth, while enhancing the predictability and focus of the Company’s existing business model."
Restoration Hardware has an outlet in The Village shopping center in Corte Madera.
Friedman, Restoration Hardware's largest individual stakeholder, will start a new business. Hierarchy will develop new apparel lines sympathetic to Restoration Hardware's development strategy. He will "continue to be involved with Restoration Hardware in an exclusive advisory role, serving as Creator and Curator for Restoration Hardware with a focus on strategy, creative, and design direction," according to the statement.
Carlos Alberini, Co-CEO of Restoration Hardware, will become Restoration Hardware’s sole CEO and will lead all major functions of the business. J. Michael Chu, a Managing Partner of Catterton Partners, will assume the role of Chairman of the Board of Restoration Hardware.
Friedman commented, “Today’s announcement supports our goal and belief that we can curate a lifestyle well beyond the four walls of the home. It allows us to leverage our core capabilities to innovate, curate, and integrate new businesses and develop a brand that transcends typical models existing today. I am proud of the strong brand we have built, excited to pursue this new paradigm and partnership with Carlos, and passionate about imagining and creating a truly special business and brand.”
Alberini stated, “We have a great team of very passionate and committed people. We have accomplished a lot as an organization and we see big opportunities ahead. I am honored that the Board has entrusted me with this new role and I could not be happier to work with Gary to continue to build this amazing Company together.”
Gary Friedman was appointed Chairman and Co-Chief Executive Officer of Restoration Hardware in June 2010 and has served as the Company’s Chief Executive Officer since March 2001. Prior to joining the Company, from 1988 to 2001, Mr. Friedman worked for William-Sonoma, Inc.