Signet Jewelers Limited, the parent company of Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, Blue Nile, JamesAllen.com, Rocksbox, and Peoples Jewellers, has announced that Gina Drosos, its CEO for the past seven years, is retiring.
She will be replaced by J.K. Symancy from November 4 following what is described as a thoughtful succession and search process.
Ms Drosos will continue as an advisor through the end of the company’s fiscal year to support a smooth transition.
Signet Jewelers has also promoted Joan Hilson to an expanded role of chief financial, strategy and services officer.
Shares in Signet Jewelers dropped in price by almost 8% in early trading today after rising in value by almost 500% over the past five years.
“After twelve incredible years at Signet Jewelers, including more than seven years as CEO, I have decided to retire at the end of Signet’s fiscal year. This decision is bittersweet. I am beyond proud of what our team — over 27,000 of us — has accomplished. We set out on a Path to Brilliance in 2018 to transform our company. And the Signet team has done it — strategically, financially and culturally — all with one purpose in mind — to Inspire Love. They’re truly a team of Champions. I have enjoyed every minute leading them and have learned so much from our team. I am a better person and profoundly grateful,” Ms Drosos says.
Gina Drosos Legacy
She describes her successor, Mr Symancyk, who was previously CEO at Petsmart, as a strong, proven leader with more than three decades of experience across the retail industry.
PetSmart operates nearly 1,700 pet stores in North America.
Previously, Mr Symancyk was CEO of Academy Sports + Outdoors from 2015 to 2018, which he joined from Meijer, an American supermarket chain, where he held roles including chief operating officer and president.
“I am honored to join Signet as its next CEO and continue advancing the strategy that Gina and the team have established,” he says.
“Signet’s position as a leading global jewelry retailer with a diverse portfolio of renowned brands provides a competitively advantaged foundation for continued growth. I am passionate about serving customers and I recognize the emotional connection of Signet’s customers when they are making a jewelry purchase. One of the key attributes that drew me to Signet is its purpose-driven and agile culture and focus on putting its team members and customers first. I am focused on working with Gina and the executive team, along with the Board, through the transition and look forward to capturing the opportunities ahead,” he adds.