Mark Light To Replace Michael Barnes As Signet’s CEO
Signet Jewelers Limited announced that Michael Barnes has resigned from his position as chief executive officer and from Signet’s board of directors, effective October 31, 2014, and Mark Light, currently Signet’s president and chief operating officer, will succeed Barnes. Mark Light will also join Signet’s board of directors.
Todd Stitzer, chairman 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, “Since he joined Signet in 2010, Mike has been an instrumental part of Signet’s success. We understand and respect his personal desire to relocate nearer to his family and pursue opportunities closer to his home in Dallas at this time. On behalf of Signet, I thank Mike for his many contributions to Signet and wish him well in his future endeavours.”
Mark Light, reaffirmed the company’s financial vision: “I am extremely pleased with the progress we are making integrating the Zale division, and I remain confident that we will achieve our 3-year synergy expectations of $150 million to $175 million. More broadly, I’m honoured to take the helm of this enterprise to move Signet forward as a leader in the retail jewellery industry, bringing greater innovation in products, store concepts, customer service and marketing as we continue to grow our market share. Our strategic planning, operational excellence, and superior collaboration executed by our industry-leading teams, will continue to drive our success into the future.”