Signet appoints new chief executive
US jewellery group Signet Jewelers, whose UK division includes H Samuel and Ernest Jones, has announced that its chief executive Michael Barnes has resigned and will be succeeded by Mark Light.
The company said that Barnes wanted to relocate nearer to his family and pursue opportunities closer to his home in Dallas.
Due to take up his new role on 31 October, Light is currently Signet's president and chief operating officer. Signet said Light had played a key role in defining and executing Signet's growth strategy. He has also been an advisor to the company’s UK managing director since 2013 and became formally responsible for the business in mid-2014.
Signet chairman Todd Stitzer said: "Mark is an experienced, strategic leader who has been deeply involved in the company's Vision 2020 Strategy, the Zale acquisition and its ongoing integration. In addition he has a meticulous approach to operational details, and has been the main architect of our Sterling division's consistently profitable growth and has played a key role in defining and executing Signet's growth strategy.
"These valuable attributes have been developed during his long and successful career of over 30 years with Signet, and the board of directors is confident that Mark is the right person to lead the company forward as Signet enhances its position as a leading retailer in the US, UK and Canada."
Commenting on Barnes' resignation, Stitzer added: "Mike has been the leader of the Signet executive management team during a period of outstanding transformation and growth. Since he joined Signet in 2010, Mike has been an instrumental part of Signet's success. On behalf of Signet, I thank Mike for his many contributions to Signet and wish him well in his future endeavours."
Signet's Sterling division operates over 1400 stores across the US while its Zale division has over 1600 shops in the US and Canada. In the UK, Signet operates around 500 stores mainly under the H Samuel and Ernest Jones brands.
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