Signet CEO Transition: PetSmart’s J.K. Symancyk to Succeed Virginia ‘Gina’ C. Drosos
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Virginia “Gina” C. Drosos, who during seven years as chief executive officer of Signet Jewelers led the retailer through COVID-19, restructurings and a challenging retail landscape, but managed to improve operations and expand market share, will retire on Nov. 4.
She will be succeeded by former PetSmart CEO J.K. Symancyk.
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Following her retirement, Drosos will continue as an adviser through the end of the company’s fiscal year. Signet, which is considered the world’s largest retailer of diamond jewelry, operates Kay Jewelers, Zales, Jared and Banter by Piercing Pagoda, among other jewelry brands.
The company also said on Tuesday that it expanded responsibilities for Joan Hilson, the chief financial, strategy and services officer, elevating her to chief financial and operating officer. Hilson will oversee the supply chain, and the Blue Nile and James Allen brands, along with her current portfolio of Rocksbox, finance, strategy, real estate and the services business. Hilson has served as CFO of Signet since 2019 and has been instrumental in the company’s transformation.
Investors reacted negatively to Signet’s change in command, driving its shares down $8.16, or 8 percent, to $94.98 at the close of the market on Tuesday. But so far this year, investors have shown confidence in the business and its growth prospects, pushing the stock price up about 40 percent.
Despite some recent sales shortfalls, Signet has been effectively navigating a highly price-promotional retail landscape where consumers have become increasingly choosy.
Signet operates approximately 2,700 stores under its various retail nameplates, but has been scaling back. In June 2023, the company moved to close 150 stores, primarily in malls. And this spring, Signet said it planned to cut a total of $350 million in costs over the next three years.
Helen McCluskey, chair of Signet’s board of directors, credited Drosos for “tremendous leadership and many contributions to Signet…As CEO, Gina led Signet in its transformation journey with strategic clarity, disciplined decision-making and a purpose-driven mindset,” McCluskey said in a statement. “In the last five years the company expanded its market share by nearly 50 percent (from a 6.6 percent to 9 percent share) and significantly grew its digital presence. She and the team increased e-commerce sales fourfold and transformed the company’s financial results, reducing gross debt outstanding by over 90 percent, nearly doubling liquidity, and over the last four years expanding adjusted operating margin more than 70 percent — all helping to drive Signet’s total shareholder return near the top of its retail peer group for the past one, three, and five years. Further, Gina has advanced the company’s culture, with recognitions by Great Place to Work and Fortune’s Best Workplaces in Retail.”