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Will resign from the Board

FORT WORTH, Texas — James Carreker will step down as The Bombay Company’s CEO and will resign from the board when his contract expires on June 3, the specialty retailer said Monday.

Bombay, which had said earlier that Carreker’s contract would not automatically be renewed, said a search continues for a replacement CEO. If one isn’t found by June 3, an executive committee led by Steve Woodward, executive vice president, will manage the company’s operations until a new leader is named.

Nigel Travis, Bombay’s lead director, thanked Carreker for his work the past three years.

“He initiated the repositioning of the company’s stores, infrastructure and merchandise assortment, all important strategic changes necessary to create long-term shareholder value. The company must now rebuild positive sales momentum and a sustained market position in a continuing difficult environment,” Travis said.
 
Carreker thanked Bombay’s board, management and employees.

“Difficult decisions were made, such as rapidly moving a large number of our stores off-mall, that were disruptive to our business and customers, but were necessary for Bombay’s future growth and success,” he said.

In the fiscal year ended Jan. 28, Bombay posted a $46.7 million loss as sales dipped 1.9% from the previous year to $565.1 million. The loss included $29.1 million in noncash and other charges, mainly related to an accounting change involving the valuation of deferred taxes.