Signet Jewelers Ltd (NYSE:SIG) is considered to be the world’s largest specialty retail jeweler. The company’s target is the middle mass jewelry segment and is considered number one in the UK and USA jewelry market. The latest on Signet (NYSE:SIG) Jewelers is the resignation of Michael Barnes from the chief executive officer’s chair and from Signet (NYSE:SIG)’s board of directors. His seat has been taken over by Mark Light. He has been appointed as Signet (NYSE:SIG)’s president and chief operating officer. No specific reasons have been revealed for Barnes resignation, except for his desire to be closer to family in Dallas, whereas Signet (NYSE:SIG) is based in Bermuda. Barnes journey with Signet (NYSE:SIG) has been a short one. He joined Signet (NYSE:SIG) in December 2010 and took over as CEO in January 2011, replacing Terry Burman. Amongst his list of achievements, the acquisition of Dallas based Zale Corp is commendable. This acquisition helped push up Signet (NYSE:SIG) to become largest specialty jeweler in United States, United Kingdom and Canada. At this point there are over 3500 Signet (NYSE:SIG) retail outlets.
According to Todd Stitizer, Signet (NYSE:SIG) chairman – Mark has been in charge of the Signet (NYSE:SIG) executive management team for a while now. In this period he has proved himself through his outstanding performance. He played a major role in the Zale acquisition and contributed in the Signet (NYSE:SIG)’s Vision 2020 Initiative for the future. His decision to part ways with Signet (NYSE:SIG) may leave a void in the managerial team.
Mark Light has been part of Signet (NYSE:SIG) for over 30 years and his main duties revolved around the Sterling division, which was Signet (NYSE:SIG)’s largest division until Zale acquisition was successful.
Stitizer also congratulated Mark Light on his promotion as chief executive officer of Signet (NYSE:SIG). He went on to praise Mark as an experienced and strategic leader, who has also played an important role in the company’s Vision 2020 strategy along with the acquisition and also covering other major aspects of the company. Mark is also the main architect behind the Sterling division. This division is known as the success factor behind Signet (NYSE:SIG)’s growth. He has also played the role of advisor to Signet (NYSE:SIG)’s UK Managing Director and took part in strategic plans for the business. All this sums up to add value to his 30 years contributions to Signet (NYSE:SIG). Which has polished him well to take over his new position as CEO in Signet (NYSE:SIG).
According to media news, this action is considered sudden and unexpected, as this is Signet’s (NYSE:SIG) third CEO within 5 years. But Mark Light’s promotion is welcomed and believed as a strong choice for the company.
Mark Light made a written announcement in which he stated how it was an immense pleasure to have worked closely with Mike Barnes in order to develop and implement strategies for Signet (NYSE:SIG) growth. He went on to say that he is quite confident to achieve over $175 million within the next three years.