- RH on Nov. 8 announced the departure of its chief operating, services and values officer, DeMonty Price, according to a company press release. Price is retiring effective Jan. 29.
- The company is transitioning Price's responsibilities to a number of people, including Stefan Duban, senior vice president and chief gallery officer, who will be promoted to chief gallery and customer officer and will be responsible for the global operations of the company's galleries, interior design, hospitality, trade, contract, outlet and gallery optimization teams.
- Additionally, Fernando Garcia, who is currently responsible for the company's distribution centers, logistics and transportation, is being promoted to chief supply chain officer and president of home delivery. Chief People Officer Sandy Pilon will continue in her role and take on responsibility for the global operations of the company's customer delight centers. Pilon will lead the company's values in her new title as chief people and values officer.
Price is exiting RH after 19 years to retire and spend time with his family.
As Price steps back, the retailer promoted three people in his place to divvy out responsibilities. In their new roles, Duban, Garcia and Pilon will report to the company's CEO, Gary Friedman.
At his time at RH, Price led its operations across its galleries, outlets, distribution centers, care centers and home delivery network. He also worked to ensure "a deep commitment to the company's values and beliefs throughout the organization," according to the retailer.
Prior to his time at RH, Price worked in various leadership roles at Williams-Sonoma, Gap and Nike.
"DeMonty has been a tremendous leader of our cause, a fierce advocate of our values, and played a critical role shaping our culture while building one of the most admired brands in our industry," Friedman wrote in a letter announcing his departure. "During our twenty-four years working together at both RH and Williams-Sonoma, DP has been a great partner, a dear friend, and someone I will always call my brother."
In its latest earnings, RH reported a net revenue increase of 39% to $989 million year over year. Revenue was also up 40% compared to the second quarter of 2019. The company also announced that it is raising its outlook for fiscal 2021, with expected revenue growth of 31% to 33%, versus its previous estimate of 25% to 30%.
Earlier this year, RH announced that it made a $105 million equity investment into Aspen, Colorado, real estate where it plans to build out its own ecosystem that will include retail locations, hospitality concepts, restaurants, residential developments and workforce housing projects.