Mark Light To Re­place Michael Barnes As Signet’s CEO

Solitaire - - SPECTRUM -

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.”

Michael Barnes

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