Troubled jewelry store giant taps 25-year P&G vet as new CEO

Signet Jewelers, which is battling a gender-discrimination class-action case, has named its first-ever female CEO.



Signet announced that CEO Mark Light has retired due to "health reasons." He will be succeeded by beauty and health veteran Virginia "Gina" C. Drosos, who has served as an independent director of the company’s board since 2012, effective August 1, 2017.



"Given the company's positive direction and my need to address some health issues, the board and I agreed that it is a good time for a transition," Light said in a statement.



Most recently, Drosos served as president & CEO of Assurex Health. Prior to that, she spent 25 years with The Procter & Gamble Company, most recently as a group president of global beauty care, a $6 billion-plus business unit with a portfolio of more than 20 brands.



Drosos' appointment comes at a critical time for the company, which is challenged with declining revenue and a legal battle. Signet's Sterling Jewelers subsidiary is fighting a lawsuit brought by thousands of women who worked for the company. As reported by The Washington Post, the women claimed that Light and other executives engaged in a pattern of sexual harassment and discrimination that included nude pool parties and not paying or treating female employees the same as male employees.



Signet has always steadfastly denied the sexual harassment and discrimination claims. The class-action case, first filed in 2008, is ongoing and now includes current and former female employees of the company nationwide, the Post reported.



Light, a 35-year Signet veteran, was named CEO of the company in 2014. His exit comes on the heels of several other executive retirements, including those of Signet executive VP Stuart Lee and a senior VP, Clark McEwen.



"Gina’s experience brings a unique combination of demonstrated brand building, given her strong background in beauty, along with the creativity, flexibility and boldness of an entrepreneurial mindset," said Signet chairman Todd Stitzer. "She also possesses a strong financial background, having managed multibillion dollar P&Ls through phases of high growth, while delivering cost reductions and operational efficiencies."



In a statement, Drosos said that Signet is "well positioned to continue to drive its unprecedented leadership in diamond jewelry and expand its market share in growing categories, such as fashion jewelry."



"I am committed to successfully executing our strategic priorities as we continue to transform Signet to become a more innovative, digital-first and data-driven retailer focused on delivering an outstanding OmniChannel experience to customers," she said.



Signet Jewelers Limited operates approximately 3,600 stores under a variety of banners, including primarily under the name brands of Kay Jewelers, Zales, Jared The Galleria Of Jewelry, H.Samuel, Ernest Jones, Peoples and Piercing Pagoda.