Chief Financial Officer Michele Santana to
leave in 2019 following appointment of a successor and an orderly
transition period
Signet Jewelers Limited (“Signet”) (NYSE:SIG), the world’s
largest retailer of diamond jewelry, today announced that Chief
Financial Officer Michele Santana will leave the company in 2019
after eight years of service to pursue other opportunities.
Signet has initiated an external executive search and expects to
appoint a new CFO by the end of the company’s fiscal year. Santana
will continue as CFO until her successor is appointed and will
remain with Signet in an advisory role until next year to ensure a
smooth transition.
“Since 2010, Michele has been a highly valued member of our
Senior Leadership Team and has played a central role in many of our
major strategic initiatives that lay the foundation of our future
success,” said Virginia C. Drosos, Chief Executive Officer. “As
Signet advances on its path to becoming a share-gaining,
omni-channel jewelry category leader, we’re very grateful to
Michele for her financial leadership and her many contributions,
and look forward to continuing to benefit from her financial acumen
and deep institutional knowledge through the transition
period.”
Santana joined Signet as Senior Vice President and Financial
Controller in 2010 and was appointed CFO in 2014 where she was
responsible for Signet’s financial strategy and planning, including
tax, treasury, accounting, financial services, investor relations,
and internal audit. She oversaw the acquisitions of Ultra Stores,
Inc., Zale Corporation and R2Net, and most recently executed
Signet’s strategic priority of outsourcing credit financing,
allowing the company to focus on its core retail business. In
addition, she led the development of the financial foundation,
including the three-year cost optimization program, for Signet’s
Path to Brilliance transformation plan.
“I am proud to have been part of Signet and am particularly
gratified that, alongside my talented colleagues, we have
positioned the business for success through on-going execution of
Signet’s transformation plan,” said Santana. “I see this as the
right time for me to move on to new challenges, and I look forward
to facilitating a smooth transition. I am confident that Signet is
well positioned to reach exciting new heights.”
About Signet and Safe Harbor Statement: Signet Jewelers
Limited is the world's largest retailer of diamond jewelry. Signet
operates nearly 3,500 stores primarily under the name brands of Kay
Jewelers, Zales, Jared The Galleria Of Jewelry, H.Samuel, Ernest
Jones, Peoples, Piercing Pagoda, and JamesAllen.com. Further
information on Signet is available at www.signetjewelers.com. See
also www.kay.com, www.zales.com, www.jared.com, www.hsamuel.co.uk,
www.ernestjones.co.uk, www.peoplesjewellers.com, www.pagoda.com,
and www.jamesallen.com. This release contains statements which are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements, based
upon management’s beliefs and expectations as well as on
assumptions made by and data currently available to management,
appear in a number of places throughout this document and include
statements regarding, among other things, Signet’s results of
operation, financial condition, liquidity, prospects, growth,
strategies and the industry in which Signet operates. The use of
the words “expects,” “intends,” “anticipates,” “estimates,”
“predicts,” “believes,” “should,” “potential,” “may,” “forecast,”
“objective,” “plan,” or “target,” and other similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are not guarantees of future performance
and are subject to a number of risks and uncertainties, including
but not limited to, our ability to implement Signet's
transformation initiative, the effect of federal tax reform and
adjustments relating to such impact on the completion of our
quarterly and year-end financial statements, changes in
interpretation or assumptions, and/or updated regulatory guidance
regarding the U.S. tax reform, the benefits and outsourcing of the
credit portfolio sale including technology disruptions, future
financial results and operating results, the impact of
weather-related incidents on Signet’s business, the benefits and
integration of R2Net, general economic conditions, potential
regulatory changes or other developments following the United
Kingdom’s announced intention to negotiate a formal exit from the
European Union, a decline in consumer spending, the merchandising,
pricing and inventory policies followed by Signet, the reputation
of Signet and its banners, the level of competition in the jewelry
sector, the cost and availability of diamonds, gold and other
precious metals, regulations relating to customer credit,
seasonality of Signet’s business, financial market risks,
deterioration in customers’ financial condition, exchange rate
fluctuations, changes in Signet’s credit rating, changes in
consumer attitudes regarding jewelry, management of social, ethical
and environmental risks, the development and maintenance of
Signet’s omni-channel retailing, security breaches and other
disruptions to Signet’s information technology infrastructure and
databases, inadequacy in and disruptions to internal controls and
systems, changes in assumptions used in making accounting estimates
relating to items such as extended service plans and pensions,
risks related to Signet being a Bermuda corporation, the impact of
the acquisition of Zale Corporation on relationships, including
with employees, suppliers, customers and competitors, an adverse
decision in legal or regulatory proceedings, deterioration in the
performance of individual businesses or of the Company's market
value relative to its book value, resulting in impairments of fixed
assets or intangible assets or other adverse financial
consequences, including tax consequences related thereto,
especially in view of the Company’s recent market valuation and our
ability to successfully integrate Zale Corporation’s operations and
to realize synergies from the transaction.
For a discussion of these and other risks and uncertainties
which could cause actual results to differ materially from those
expressed in any forward-looking statement, see the "Risk Factors"
section of Signet's Fiscal 2018 Annual Report on Form 10-K filed
with the SEC on April 2, 2018 and quarterly reports on Form 10-Q
filed with the SEC. Signet undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events
or circumstances, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20180830005375/en/
Signet Jewelers LimitedInvestors:Randi Abada, +1
330-668-3489SVP Corporate Finance Strategy & Investor
Relationsrandi.abada@signetjewelers.comorMedia:David
Bouffard, +1 330-668-5369VP Corporate
Affairsdavid.bouffard@signetjewelers.com
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