Signet Jewelers CEO resigns; names COO Mark Light as new chief

Hamilton, Bermuda –-In a surprise announcement, Signet Jewelers Ltd., the largest jewelry retailer in the U.S., U.K. and Canada, said that its president and COO, Mark Light, will take over as CEO on Nov. 1. He will replace Signet’s current chief, Michael Barnes, who is resigning from his position and from Signet's board of directors to "pursue opportunities closer to his home in Dallas," effective Oct. 31.



Barnes joined Signet in 2010 as CEO designate, taking the reins of the company in January 2011. He spearheaded Signet’s acquisition of smaller rival Zale Corp in February 2014.



"It has been a privilege to have the opportunity to lead the outstanding Signet team through a period of significant transformation,” said Barnes. “Over these several years, I've worked closely with Mark, collaborating with him on all of Signet's strategic initiatives, including the Zale acquisition and ongoing integration. I have every confidence in Mark and wish him success in his new role."



Light has been with Signet for more than 30 years and has been involved in the retailer’s 2020 strategy, the Zale acquisition and its ongoing integration. He has also been an advisor to Signet’s U.K. managing director since 2013 and became formally responsible for that business in mid-2014.



"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,” stated chairman Todd Stitzer. "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."