Signet Jewelers CEO Mike Barnes Resigns; Replaced by Mark Light

Mike Barnes

Signet Jewelers Ltd. said Tuesday that Michael Barnes will resign from his position as chief executive officer and from Signet's board of directors, effective October 31, in order to be closer to his family in Dallas.

Mark Light, Signet's president and chief operating officer, has been named to succeed Barnes as CEO and take a seat on the board.

Signet said it is also reaffirming its financial guidance initiated in its second quarter earnings release on August 28.

Barnes joined Signet in December 2010 and became its CEO in January 2011, replacing Terry Burman, the company’s longtime CEO. Most recently he oversaw the $1.46 billion acquisition of Dallas-based Zale Corp., its largest US competitor, in May, making Signet the largest specialty jewelry retailer in the US, UK and Canada with approximately 3,500 retail outlets.

“Mike has been the leader of the Signet executive management team during a period of outstanding transformation and growth,” said Todd Stitzer, Signet chairman. “Since he joined Signet in 2010, Mike has been an instrumental part of Signet's success. He has played a critical role in Signet's recent acquisition of Zale Corp. and its continuing integration. He has also led the development of Signet's Vision 2020 Initiative for the future. We understand and respect his personal desire to relocate nearer to his family and pursue opportunities closer to his home in Dallas at this time.”

Signet is based in Bermuda and is listed on the NYSE. Its US subsidiary, Sterling Jewelers, with more than 1,400 stores in 50 states, is headquartered in Akron, Ohio. The company, in an SEC filing Tuesday, said it will pay Barnes accrued but unpaid benefits or obligations, his base salary for 12 additional months and an annual bonus at the end of the fiscal year.


Light has been with Signet for more than 30 years, with primary responsibility for the Sterling division, by far Sterling’s largest division, until the Zale Corp. acquisition.

“We are delighted to announce Mark’s promotion to chief executive officer of Signet,” Stitzer said. “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. 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. He has also been an advisor to our UK Managing Director since 2013 and became formally responsible for that business in mid-2014.”

Signet's Sterling division operates primarily under the brands of Kay Jewelers and Jared The Galleria Of Jewelry. Signet's UK division operates approximately 500 stores primarily under the name brands of H.Samuel and Ernest Jones. Signet's Zale division operates more than 1,600 locations in the US and Canada primarily under the name brands of Zales, People's, and Piercing Pagoda. The company also has online operations at www.kay.com, www.jared.com, www.hsamuel.co.uk, www.ernestjones.co.uk, www.zales.com, and www.peoplesjewellers.com.

Tiffany Promotes Senior Executives

Frederic Cumenal

Beth Canavan

Tiffany & Co. said Wednesday that it is shifting and expanding responsibilities for two executive vice presidents, Beth Canavan and Frederic Cumenal.

Cumenal, 53, joined the international luxury jewelry retailer in March 2011 from the LVMH Group. He has been responsible for Tiffany's businesses in Asia, Japan, Europe and Emerging Markets. Effective immediately, Cumenal will expand his role to assume responsibility for all of Tiffany's worldwide sales activities.

Canavan, 58, joined Tiffany in 1987 and through progressively greater responsibilities has headed the Americas region in recent years. She will now report to Cumenal who reports to Michael J. Kowalski, Tiffany's chairman and chief executive officer.

Jewelers of America Names Dave Bonaparte for Top Spot

David Bonaparte

The national trade association for fine jewelry retailers in the U.S. has tapped a jewelry industry veteran and the former manager of a competing tradeshow for its top post.

Jewelers of America said Sunday that it has named David Bonaparte as its president and CEO. He will succeed Matthew A. Runci when he retires at year’s end, after leading the trade association for 17 years. Bonaparte will work with Runci starting October 1, officially taking the helm on January 1, 2013.

Bonaparte was senior vice president of JCK Brands for Reed Exhibitions, a promotion that was granted a year ago. He has spent at least 16 years managing the JCK Las Vegas show and all of its affiliate tradeshows (such as Luxury at JCK and Swiss Watch at JCK) that were added over the years. JCK Las Vegas is one of largest and most important jewelry tradeshows in the world. Other jewelry shows directly under his watch include JCK Toronto and Luxury Privé, held in New York and Panama City. He was also the global leader for the jewelry portfolio at Reed Exhibitions worldwide. His responsibilities in recent years also included leading jewelry trade publication, JCK magazine.

Bonaparte is also an advocate in connection with issues and events affecting the jewelry industry. He was instrumental in helping Reed Exhibitions develop The JCK Industry Fund, which provides $400,000 annually to individuals, groups and associations that develop programs to benefit and promote the industry.

JCK Las Vegas also happens to be the major competitor to Jewelers of America tradeshow held twice a year in New York.

“Through a lengthy and thorough process, the committee selected Dave based on his proven leadership skills, knowledge of the industry and his vision for the future of the organization,” said JA board chair Georgie Gleim of Gleim the Jeweler. “We believe he will be a passionate leader for Jewelers of America, providing guidance and inspiration for JA’s Board of Directors and staff, while serving as a strong advocate for the association and the interests of its members.”

Bonaparte has been a supporter of the American Gem Society, Manufacturing Jewelers and Suppliers of America, Jewelry Information Center, Jewelers Security Alliance, Jewelers Vigilance Committee and Women’s Jewelry Association. He has worked closely with JA and many state and regional jewelry associations as well as other retail organizations in a combined effort to develop programs designed to build membership.

JA said that Bonaparte will work to expand the association’s membership, strengthening the organization in terms of both influence and resources, while continuing its leadership role in public and industry affairs as an advocate for its members and the jewelry industry at large.

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Audemars Piguet CEO Abruptly Leaves

Philippe Merk attends Royal Oak 40 Years: From Avant-Garde to Icon at Park Avenue Armory on March 21 in New York City. Photo credit: Jason Kempin/Getty Images North America

Swiss luxury watch brand, Audemars Piguet, put out a brief statement Thursday saying that its CEO, Philippe Merk, is no longer with the company. The board of directors named François-Henry Bennahmias as interim general manager. The company did not say whether it would seek a permanent replacement.

“Due to differences in company strategy, the board of directors and Mr. Philippe Merk, Chief Executive Officer, have decided to terminate their collaboration,” the company said in its statement. “The board appreciates the work accomplished these past years and wishes Mr. Merk continued success in his future endeavors.”

Bennahmias, 48, began his career at Audemars Piguet in 1996 and since 1997 he was assistant marketing and sales manager for Asia-Pacific and Europe.

In 1999 he was promoted to president and CEO of Audemars Piguet (North America Inc.) in New York.

De Quercize to Head Cartier; Bos to Lead Van Cleef & Arpels

Stanislas de Quercize

Two internationally renowned luxury jewelry brands will soon be under new leadership in a bit of musical chairs by the Richemont group.

Stanislas de Quercize has been named CEO of luxury jewelry house, Cartier, to become effective by the end of the year. He will succeed Bernard Fornas, who reached the age of 65 earlier this month.

De Quercize is currently the CEO of the luxury jewelry house, Van Cleef & Arpels, and will continue in that role until he assumes his new position.

When de Quercize moves to his new position, he will be succeeded by Nicolas Bos, currently creative director of Van Cleef & Arpels and chief executive of Van Cleef & Arpels North America.

Swiss luxury good conglomerate, Compagnie Financière Richemont S.A., which owns both luxury brands, made the announcement Monday.

Since 1989, de Quercize has had an extensive career with Richemont, having worked with Montblanc, Alfred Dunhill, Cartier—where he rose to be president of Cartier Inc. in the United States—and, since 2005, Van Cleef & Arpels.

Tiffany Names Pat McGuiness CFO and Jim Fernandez as COO

Tiffany & Co. made two changes among its executive officers, effective immediately.

Patrick F. McGuiness, 45, was appointed senior vice president and chief financial officer. McGuiness joined Tiffany in 1990 and has held a variety of management positions within the finance and merchandising divisions. He was promoted to senior vice president - finance in 2007, responsible for Tiffany's worldwide financial functions. With this appointment, he will continue to be responsible for accounting, treasury, financial planning and financial services and will now also be responsible for the company's investor relations program.

James N. Fernandez, 55, was named to the newly-created role of chief operating officer. Fernandez has served as the company's chief financial officer since 1989 and was promoted to executive vice president and chief financial officer in 1998. Over the years he added other responsibilities including diamond operations, real estate operations, distribution, manufacturing, customer service and security. He joined Tiffany in 1983.

“These two executives have both developed first-class finance and operations functions, and I consider this to be a natural progression consistent with the Company's continuing organizational development,” said Michael J. Kowalski, Tiffany chairman and CEO.

Fernandez will continue to report to Kowalski and McGuiness will report to Fernandez, the luxury jeweler said.

Tiffany & Co., based in New York, operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company, which operates Tiffany & Co.. retail stores and boutiques in the Americas, Asia-Pacific, Japan and Europe and engages in direct selling through Internet, catalog and business gift operations.

Chai Schnyder, Patrik Hoffmann Take Control of Ulysse Nardin

Chai Schnyder has been named president of the board of directors and Patrik P. Hoffmann was appointed CEO of the luxury watch brand Ulysse Nardin. They replace Rolf W. Schnyder, who died unexpectedly on April 14. He held both positions.

Chai Schnyder is the widow of Rolf Schnyder (both pictured left). She holds a Master of Science in Manufacturing Engineering from Queen's University Belfast, U.K.

 Hoffmann (pictured with television host Jay Leno), spent the main part of his professional career in the watch sector, and has been a leading member of the staff at Ulysse Nardin. He joined the company in 1999. As director of the U.S. corporate offices in Boca Raton, Fla., Hoffmann played a significant role in the success of Ulysse Nardin in North and Central America.

The actions were taken during a special meeting of the shareholders, board of directors and management of the watch brand, based in Le Locle, Switzerland.

“Thanks to the innovative energy of the company, and in harmony with the intentions of the visionary Rolf W. Schnyder and his tireless pioneering spirit, we stand by the strategy of independence,” Hoffmann said in a statement.

Schnyder acquired the family firm of Ulysse Nardin in 1983 and since that time held the role of president and CEO. Under his leadership, Ulysse Nardin became a prominent brand in the mechanical watchmaking sector, with innovations such as the first astronomical wrist watches.

Jeffrey Cohen Named President of Citizen

The Citizen Watch Company of America, Inc. has promoted Jeffrey A. Cohen to president, effectively immediately. He will have ultimate responsibility for the sales, marketing, product development, distribution and finance in the United States, Caribbean, Canada and the United Kingdom. He succeeds Laurence Grunstein, whose retirement after 26 years with the company was announced last month.

Prior to joining Lyndhurst, N.J.-based watch company, Cohen was worldwide president of the Movado watch brand, where he was instrumental in growing the company to become one of the leading brands in the luxury timepiece market. He joined Citizen as executive vice president in June 2010, bringing almost thirty years of watch experience to the position. He has been active in the watch industry, serving as a member of the 24 Karat Club, JCK Advisory Board and Jewelry Information Center.

In conjunction with Cohen’s promotion, Citizen named the executive promotions of Carl A. Mielke to executive VP, Sales – U.S. Market, Citizen Watch Company of America.; of J. Kevin Kaye to president, Citizen Watch Company of Canada, Ltd; and of Alan Mace to managing director, Citizen Watch United Kingdom, Ltd. They will all report directly to Cohen.

Citizen holds a leading position in the mid-priced watch market in the United States.

Timepiece Tuesday: Swatch Group Names New Presidents for Rado and Hamilton Watch Brands

Matthias Breschan

 By William George Shuster

Matthias Breschan, formerly president of Hamilton watches worldwide, has been named the new president of Rado watches worldwide by the Swatch Group. Breschan originally joined the Swatch Group, which owns both Rado and Hamilton, in 1996 and had been president of Hamilton since 2003.

He succeeds Roland Streule, the long-time president of Rado SA. Steuele joined Rado in 1978 as a regional manager. He became president of Rado in 1989, overseeing its growth and worldwide success.

A spokesperson for the Swiss-based Swatch Group, the world’s largest watchmaker, noted that Streule had previously stated he would retire from running the operations of Rado when he turned 65. Streule continues to be a member of the Swatch Group executive management board, overseeing a number of special projects for it.

Sylvain Dolla

Meanwhile, Sylvain Dolla, former head of sales of Hamilton SA for five years, is the new President of Hamilton, succeeding Breschan. Dolla joined Swatch Group in 2003.

The appointments were effective Jan. 1.

William George Shuster is a multi-award winning writer—including three Jesse H. Neal Award, business journalism's highest honor. He has 40 years experience as a journalist, author and editor. He is considered one of the world’s top watch industry journalists, covering the world of timepieces for JCK magazine and its sister publications for nearly 29 years.