Zale Corp. elects two investors to board

DALLAS Zale Corp. today announced the appointment of Richard Breeden and James Cotter its board of directors, effective Jan. 17. These appoints expand the number of board members from six to eight.

John Lowe, Jr., chairman of Zale Corp., said, “We have invited Richard Breeden and Jim Cotter to join the Zale board and look forward to benefiting from their perspective and experience as investors and strategic advisors as we seek to generate long-term value for shareholders. Zale’s board and management team, led by newly appointed president and ceo Neal Goldberg, is executing an operating strategy that is focused on financial discipline and the revitalization of the company’s core mall business, and which we believe will position this company for improved performance.” 

Breeden is the ceo and chief investment officer of Breeden Partners and its manager Breeden Capital Management. Breeden Partners has more than $1 billion in assets under management and owns more than 18% of the outstanding shares of Zale.

James Cotter is a founding partner of Breeden Capital Management and is a senior managing director of Richard C. Breeden & Co. Prior to joining Richard C. Breeden & Co. in 2005, Mr. Cotter was a senior partner and vice chairman of the law firm Simpson Thacher & Bartlett LLP. Cotter joined Simpson Thacher in 1971 and became a partner in 1975.

Zale Corp. also said today that it is currently engaged in a search for an additional independent director, the appointment of whom would bring the board to its full complement of nine directors.