Restoration Hardware (NYSE:RH) has appointed a familiar figure to be one of its co-CEOs. Gary Friedman, who formerly occupied the position and was prominent in much of the company's marketing, has been named chief executive once again. He'll fill that role as part of a team with Carlos Alberini, who has served as CEO since 2001. Alone, Friedman will take up the post of chairman.
Just before his current appointments, Friedman had been serving as the furniture and furnishing purveyor's chairman emeritus. He had stepped down as co-CEO last August following the results of an internal inquiry, which revealed that he was involved in an "inappropriate" relationship with a female employee. This occurred several months before the company's IPO.
In addition to naming Friedman co-CEO and chairman, Restoration Hardware said it had acquired the exclusive right to develop Hierarchy, which is to be rechristened RH Atelier. Friedman founded the high-end brand after relinquishing the co-CEO post last summer; Restoration Hardware held a minority stake in that company.
Fool contributor Eric Volkman has no position in Restoration Hardware. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.