LONDON, UK / ACCESSWIRE / July 19, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Signet Jewelers Ltd (NYSE: SIG) ("Signet"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=SIG. The Hamilton, Bermuda based Company announced on July 17, 2017, that its Board of Directors had appointed Virginia "Gina" C. Drosos as the new Chief Executive Officer. She will be the first female CEO of Signet. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Gina joined the Company as its independent director in 2012 and will take over her new position as on August 01, 2017. She replaces Mark Light who has decided to retire on July 31, 2017, due to health reasons. He was the CEO since 2014 and has been with the Company for more than 35 years.
Commenting on the appointment of Gina as CEO, Todd Stitzer, Chairman of Signet's Board of Directors said:
"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. She also possesses a strong financial background, having managed multi-billion dollarP&Ls through phases of high growth, while delivering cost reductions and operational efficiencies. As a member of the Board since 2012, she is deeply familiar with Signet's strategic vision and has been pivotal in our efforts to realign our organizational structure to enable better execution of our OmniChannel strategy and strengthening our customer experience."
Gina responded by saying:
"I am honored to serve as the CEO of Signet and look forward to working with our strong management and Team Members to deliver our revised 2020 Vision, which is focused on bridal, digital and women's fashion. 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."
Profile of Virginia C. Drosos
Gina became a member of Signet's Board of Directors in 2012 and actively served on the Company's Compensation and Nomination and Corporate Governance committees. Additionally, she was a member of the Board's Customer Experience sub-committee which focused on the Company's OmniChannel strategy and winning in fashion jewelry. She was the Board's Respect in the Workforce committee which focused on the Company's programs and policies to support the growth and development of its Team Members.
Until recently, Gina was the President and CEO of Assurex Health. Under her leadership and strategic guidance, the revenues of the Company witnessed significant growth. She was also successful in the strategic sale of the Company to Myriad Genetics for approximately $410 million. For her exceptional leadership at Assurex, she received the Venture Ohio Exit of the Year, Cincinnati USA Chamber of Commerce Woman of the Year, and EY Entrepreneur of the Year award for delivering market outperformance in terms of revenue growth, job creation, and longevity.
Prior to joining Assurex, Gina was with The Procter & Gamble Company (P&G) for more than 25 years and held various leadership positions of increasing importance and responsibilities. She became a thought leader in the Company's Beauty and mass brand retailing business. When she served as P&G's Group President, Global Beauty Care, she was in-charge of a $6 billion business unit with a portfolio of more than 20 brands, each with its own marketing strategy, over 6,000 employees and 22 manufacturing sites. Her role encompassed the complete responsibility for overseeing the business unit operations, strategy, and long-term business development. She was successful in transforming the unit's digital marketing efforts including the first digital-only brand campaign for P&G's Secret brand. She also used innovative marketing efforts for other P&G brands like CoverGirl, Old Spice, and Olay. Under her leadership, the Olay brand grew from a $200 million product to become an iconic $2.5 billion mega beauty brand.
Gina has a Bachelor's Degree in Business Administration from The Terry School, University of Georgia and an MBA from The Wharton School, University of Pennsylvania.
About Mark Light's Tenure and the reasons behind his exit
Mark Light took over as the CEO and Director of Signet in November 2014. He has held various senior leadership positions with Signet and its Sterling Jewelers Division over the years. He was with the Sterling Jewelers Division for more than 25 years. Some of the noteworthy contributions under his leadership include the formation of major product brand partnerships with Open Hearts by Jane Seymour® and Neil Lane Bridal®. He made significant contributions to the Company's Customer First OmniChannel strategy, led the acquisition and integration of Zale etc. Mark has cited health reasons as the factor for announcing his retirement.
However, Mark has been facing serious sexual harassment and gender discrimination allegations in pay and promotion of female employees. These allegations arise from a class-action arbitration case dating back to 2008 wherein Mark was accused of inappropriate sexual behavior toward female employees. Washington Post ran the story in February 2017 with interviews from some of the employees. However, Signet had vehemently denied the allegations and maintained that the Company had thoroughly investigated the allegations and concluded they are not substantiated by the facts and certainly do not reflect the Company's culture.
In May 2016, Signet's brand Kay Jewelers also faced allegations of swapping diamonds from jewelry bought from its store for repairs were replaced with cheaper stones. Signet denied these claims, but the case seriously impacted the Company's image and sales. At the time Mark was the head of Signet's Sterling Jewelers, which includes the jewelry chain stores, Kay, Jared The Galleria of Jewelry, and regional brands.
About Signet Jewelers
Signet is the largest specialty jewelry retailer in the US, UK, and Canada. It has over 3,600 stores and sells its jewelry under brands Kay Jewelers, Zales, Jared The Galleria of Jewelry, H. Samuel, Ernest Jones, Peoples, and Piercing Pagoda. The Company has annual sales of over $6.4 billion.
Last Close Stock Review
At the close of trading session on Tuesday, July 18, 2017, Signet Jewelers' stock price declined 2.48% to end the day at $57.11. A total volume of 1.79 million shares was exchanged during the session. The Company's shares are trading at a PE ratio of 9.49 and have a dividend yield of 2.17%. At Tuesday's closing price, the stock's net capitalization stands at $3.95 billion.
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