Signet CEO Michael Barnes resigns
Signet has announced that Michael Barnes has resigned from his position as CEO and from the board of directors, effective October 31, 2014. He is to be succeeded by current president and COO, Mark Light.
Signet said it is also “reaffirming its financial guidance initiated in its second quarter earnings release on August 28, 2014”, presumably in a bid to quell possible investor concern about the stability of the management as the takeover of Zale Group progresses.
Signet chairman Todd Stitzer said: “We are delighted to announce Mark’s promotion to chief executive officer of Signet. 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.”
Light has also been an adviser to the firm’s UK managing director since 2013 and became formally responsible for that business in mid-2014. He has worked for Signet for more than 30 years.
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. He has played a critical role in Signet’s recent acquisition of Zale Corporation and its continuing integration.”
He added: “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.”
In response to the announcement, CEO designate Light said: “I’ve enjoyed working closely with Mike Barnes to develop and implement successful strategies to accelerate the growth of Signet organically and through acquisitions. 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.”
Barnes added: “I have every confidence in Mark and wish him success in his new role.”
