Signet Jewelers CEO Gina Drosos to Retire; Replacement Named

Virginia "Gina" Drosos, who spent seven years as Signet Jewelers' CEO, announced Oct. 1 she is retiring effective Nov. 4. J.K. Symancyk, most recently the CEO of PetSmart, will replace Drosos as CEO. Drosos will also step down from Signet's board of directors, where she served for 12 years.

Under Drosos' leadership, the largest jewelry retailer in the world — whose brand portfolio includes the banners Zales, Banter by Piercing Pagoda, Jared, and Kay Jewelers — was named a Great Place to Work multiple times, included on the Bloomberg Gender-Equality Index for five consecutive years, and had the most diverse leadership team in the company's history, according to Forbes.

Helen McCluskey, Signet's board chair, said the company expanded its market share by nearly 50 percent under Drosos' leadership. The company also increased e-commerce sales fourfold and reduced gross outstanding debt by over 90 percent. Fashion Network reported that Signet shares have risen 68 percent since Drosos became CEO in August 2017.

"It has been a true honor to serve Signet for the past 12 years as a member of the board and the past seven as CEO," Drosos said in company statement. "I am proud of and thankful for our team and partners. Together, we have delivered strong results and transformed Signet into a purpose-inspired and modern jewelry industry leader — creating a truly connected commerce shopping experience; a strong financial platform; and a diverse, inclusive and winning culture."

Prior to Signet, Drosos served as the president and CEO of Assurex Health for four years. She also spent 25 years at Procter & Gamble.

In a LinkedIn post, Drosos called the decision "bittersweet" and praised her team, saying "I have enjoyed every minute leading them and have learned so much from our team. I am a better person and profoundly grateful."

Additional changes at Signet include giving Joan Hilson, the company's chief financial, strategy and services officer, the new title of chief financial and operating officer. In this capacity Hilson will oversee supply chain and the brands Blue Nile and James Allen. She will also continue her current oversight of the brand Rocksbox, along with finance, strategy, real estate, and the services business.

McCluskey called Drosos' replacement, Symancyk, a strong leader with "proven expertise in driving strategic growth, focusing on the customer, and developing and sustaining high-performing leadership teams that deliver results." Symancyk led PetSmart for six years, where he also served as president and board member. PetSmart's chief financial officer, Alan Schnaid, will serve as interim CEO until a successor is chosen.