Mark Light to Succeed Michael Barnes as Signet CEO
October 14, 14
(IDEX Online News) – Specialty jewelry retailer Signet Jewelers Limited today (Tuesday) announced that CEO Michael Barnes has resigned from his position, effective October 31. He will be succeeded by Mark Light, currently Signet's president and chief operating officer.
Mark Light
Barnes said he was resigning to be nearer his family and to pursue opportunities closer to his home in Dallas.
Todd Stitzer, Signet chairman, said Michael Barnes had played a critical role in Signet's recent acquisition of Zale Corporation and in its continuing integration.
Commenting on Light’s promotion, Stitzer said he was 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.”
"I am extremely pleased with the progress we are making integrating the Zale division, and I remain confident that we will achieve our three-year synergy expectations of $150 million to $175 million,” said Light.
Signet Jewelers Limited is the largest specialty jewelry retailer in the US, UK, and Canada. Signet's Sterling division operates over 1,400 stores in all 50 states primarily under the name brands of Kay Jewelers and Jared The Galleria Of Jewelry. Signet's UK division operates approximately 500 stores primarily under the name brands of H.Samuel and Ernest Jones. Signet's Zale division operates over 1,600 locations in the US and Canada primarily under the name brands of Zales, People's, and Piercing Pagoda.