Signet Announces Chief Financial Officer Transition
HAMILTON, Bermuda--(BUSINESS WIRE)--Aug 30, 2018--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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180830005375/en/
CONTACT: Signet Jewelers Limited
Randi Abada, +1 330-668-3489
SVP Corporate Finance Strategy & Investor Relations
David Bouffard, +1 330-668-5369
VP Corporate Affairs
KEYWORD: BERMUDA CARIBBEAN
INDUSTRY KEYWORD: LUXURY RETAIL FASHION SPECIALTY
SOURCE: Signet Jewelers Limited
Copyright Business Wire 2018.
PUB: 08/30/2018 06:55 AM/DISC: 08/30/2018 06:55 AM