Hamilton, Bermuda -- It’s official: Signet Jewelers Ltd. has completed its acquisition of Zale Corporation for $21 per share in cash and a total consideration of $1.46 billion. Zale shareholders approved the acquisition by its longtime rival on May 29.
With the deal completed, Signet now operates over 3,600 locations under the retail banners of Kay, Jared, and Zales in the United States; H.Samuel and Ernest Jones in the United Kingdom; and People's in Canada. Signet also now operates kiosks in the United States under the Piercing Pagoda banner.
Signet said it has initiated an executive search for two important Signet leadership positions that will both report to Barnes. The first role is the chief marketing and strategy officer who will work in partnership with executive leadership across the company to build and execute Signet-wide marketing & advertising and digital ecosystem strategies and business development initiatives. The second role is the CIO who will have responsibility for the company's combined information systems across all Signet divisions, assuring information technology solutions and investments are meeting the needs of the businesses and are aligned with company-wide priorities.
In conjunction with the closing of the deal, Signet said it has started an executive search for a chief marketing and strategy officer, and also for a CIO, who will have responsibility for the combined information systems across all Signet divisions.
The company also announced that effective immediately:
- Mark Light has been promoted to the newly created position of president and COO of Signet Jewelers Limited.
- Theo Killion will continue in his role as CEO and will become the president & CEO of Zale, which includes Zales, Gordon's, and Piercing Pagoda in the United States, as well as Peoples and Mappins in Canada.
- George Murray has become Signet's chief integration management officer.
- Steve Becker, senior VP of human resources for Sterling, has been promoted to chief human resource Officer for Signet Jewelers Limited.
“Having now closed the acquisition of the Zale Corporation, we have entered a new era of growth and transformation for our company and our people," said Mike Barnes, Signet CEO. "I am truly excited to have the Zale team joining the Signet family and I, and our leadership team, look forward to building upon the strengths of the entire organization."