signet jewelers ltd (SIG) Key Developments
Signet Jewelers Limited Announces Management Changes
Jul 1 14
Signet Jewelers Limited announced that Ronald Ristau resigned from his position as Chief Financial Officer, effective July 31, 2014, and Michele Santana, currently Signet's Senior Vice President and Controller, has been promoted to Chief Financial Officer Designate, effective immediately. Ms. Santana will succeed Mr. Ristau as Chief Financial Officer of Signet following his departure. Ms. Santana joined Signet in 2010 and has served as Senior Vice President and Controller since that time. Throughout her tenure, she has played a key role in all aspects of the finance function, including Signet's recent acquisition of Zale Corporation. Prior to joining Signet, Ms. Santana held key leadership positions at KPMG LLP where she had nearly 14 years experience working with Signet and its divisions, as well as other large international public companies, in an advisory-related role. Ms. Santana is a certified public accountant.
Signet Jewelers Ltd Approves Regular Quarterly Cash Dividend, Payable on August 27, 2014
Jun 16 14
Signet Jewelers Ltd. announced that its board of directors has approved a regular quarterly cash dividend of $0.18 per Signet Common Share payable on August 27, 2014 to record holders of Signet Common Shares on August 1, 2014, with an ex-dividend date of July 30, 2014.
Signet Jewelers Limited Amends its Bye-Laws
Jun 13 14
Signet Jewelers Limited approved the amendments to the company’s Bye-laws at its AGM held on June 13, 2014.
Signet Jewelers Limited Announces Executive Changes
May 29 14
Signet Jewelers Limited announced that it has completed its acquisition of Zale Corporation. The company announced that Mark Light has been promoted to the newly created position of President and Chief Operating Officer of Signet Jewelers Limited. Mr. Light gains new responsibilities as President and COO of Signet; most significantly, Sebastian (Seb) Hobbs, UK Managing Director, will now report directly to him. Mr. Light, who has been instrumental in Signet's overall performance, will work closely with Mr. Barnes on Signet strategies and growth opportunities. Mr. Light's leadership and successful collaboration with the UK business has ideally positioned him for the new role. He will retain his title of President and CEO of Sterling Jewelers (Signet's pre-acquisition US business) and will continue to report to Mr. Barnes. 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 US, as well as Peoples and Mappins in Canada. In his continuing role, Mr. Killion will report directly to Mr. Barnes. Under Mr. Killion's leadership, Zale will continue to operate as a separate division under the Signet umbrella. George Murray has become Signet's Chief Integration Management Officer. Under the leadership of its integration teams, the process of integrating Zale can now move from the planning phase to the implementation phase. Steve Becker, Senior Vice President of Human Resources for Sterling, has been promoted to Chief Human Resource Officer for Signet Jewelers Limited. Mr. Becker will report directly to Mr. Barnes and, in addition to his Sterling duties, now has functional responsibility for human resources in all areas of the business. Mr. Becker will focus on leveraging Company resources to build integrated human resource strategies and processes across the entire Signet enterprise. In addition, Signet will continue to identify new and innovative ways to serve its customers and grow its business. To this end, the Company has initiated an executive search for two important Signet leadership positions that will both report to Mr. 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 Chief Information Officer 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. Appointments to these positions will be announced in the future upon completion of the executive search process.
Signet Group Limited, Signet Group Treasury Services Inc., Sterling Jewelers Inc. and Signet Jewelers Limited Enter into an Amendment to Credit Agreement
May 29 14
Signet Group Limited, Signet Group Treasury Services Inc. and Sterling Jewelers Inc. as borrowers, subsidiaries of Signet Jewelers Limited, and the company entered into an amendment and restatement of their existing credit agreement, among, the company, the borrowers, various financial institutions as lenders and JPMorgan Chase Bank, N.A., as administrative agent and the other agents party thereto. The amended and restated credit agreement replaces the company's existing credit agreement, dated as of May 24, 2011, by and among the company, Signet Group Limited, as borrower, Signet Group Treasury Services Inc., as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The company has guaranteed the obligations of the borrowers under the amended and restated credit agreement and is also directly bound by certain of the covenants contained in the amended and restated credit agreement. The amended and restated credit agreement provides for a $400.0 million 5-year senior unsecured revolving credit facility and a $400.0 million 5-year senior unsecured term loan, and has a maturity date of May 27, 2019. Borrowings under the amended and restated credit agreement will bear interest, at the borrowers' option, at either (i) a base rate plus a sliding scale rate based on the Company's Fixed Charge Coverage Ratio or (ii) an adjusted LIBO rate plus a sliding scale rate based on the company's fixed charge coverage ratio.