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.
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.
Virginia “Gina” C. Drosos
Courtesy image
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.”
In her statement, Drosos said: “With the ongoing successful execution of our ‘Inspiring Brilliance’ strategy and the path established for our next phase of growth, now is the right time for this planned leadership transition.”
The strategy has largely revolved around differentiating the Signet banners, growing accessible luxury and value offerings, growing digital commerce, strengthening the company’s middle market appeal, attracting new customers, and accelerating services such as repairs and piercings.
“I am proud of and thankful for our team and partners,” Drosos said. “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. The company is poised to deliver a brilliant future with long-term, sustainable growth.”
McCluskey said Signet underwent “a thoughtful, planned succession process” and characterized Symancyk as “a strong leader with more than three decades of experience across the retail industry and proven expertise in driving strategic growth, focusing on the customer, and developing and sustaining high performing leadership teams that deliver results.”
Symancyk served for six years as CEO of PetSmart, overseeing a growth plan focused on proprietary brand development, services expansion, loyalty program creation, and digital and supply chain capabilities enhancements. Previously, Symancyk served as CEO of Academy Sports + Outdoors from 2015 to 2018, where he was credited for returning the company to growth, refining the merchandising and positioning the retailer for its initial public offering.
From 2006 to 2015, Symancyk held roles of increasing responsibility at Meijer, the supercenter chain in the Midwest, including group vice president, chief marketing officer, chief operating officer and president. Symancyk began his career at Walmart where he held various roles over a 12-year period, ultimately serving from 2004 to 2006 as divisional merchandise manager for Sam’s Club.
Symancyk said he plans to continue advancing the strategy that Drosos and her team established. “Signet’s position as a leading global jewelry retailer with a diverse portfolio of renowned brands provides a competitively advantaged foundation for continued growth,” Symancyk said. “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.”
For the second quarter of this year, Signet’s sales were down 7.6 percent to $1.49 billion, while same-store sales were off 3.4 percent. In 2023, total sales were $7.2 billion, down from $7.84 billion the year before.
