ColumnistsNov 26, 2024
The Smart Lab: 7 Strategies for Refining Your Holiday Email Marketing CampaignsColumnistsDec 03, 2024
Peter Smith: How a Leadership Hire Can Make or Break a Company
In his latest column, Smith provides a list of questions every business needs to be asking their next potential leader.
Peter Smith is an industry consultant, speaker, sales trainer, and author. He can be reached via email at TheRetailSmiths@gmail.com.
The recent news that Gina Drosos was departing Signet Jewelers got me thinking about the impact a single hire can have on the trajectory of a business.
While those effects are not confined solely to leadership, there can be little doubt that the top position in any company can define a business for years, either positively or negatively.
The Drosos story will, I expect, be better understood with the passage of time.
She appears to have righted a ship that struggled to navigate internal cultural challenges for years and must be given credit for the company’s outstanding performance amidst the global pandemic, when shopping malls contracted from 1,000 or so to a number fast approaching 400.
Whether it was a good idea for Signet to embrace lab-grown diamonds at a time when mall traffic is in decline (“lower average ticket” plus “fewer unit sales”) is a question worth asking.
With PetSmart’s J.K. Symancyk announced as Drosos’ replacement, it is also reasonable to ask, why was no succession plan in place? How does a company of that size not have a core base of executives from which a new CEO might emerge?
While the comings and goings of key personnel at $7 billion companies will always make headlines, there are, of course, less celebrated announcements that happen throughout the jewelry business on a regular basis.
To the companies making these hires, each one is just as important as the changes at Signet.
Every key hire brings with it the promise, or at least the hope, of a better path for the hiring company and a renewed optimism that the arriving leader can chart a better course.
In some cases, the new hire arrives because a once-relevant business has lost its way, perhaps even been passed by in the industry, and the seemingly Sisyphean task of getting things turned around lives and dies with a succession of executive hires and their attempted resuscitations.
In other instances, the business might be suffering from the “curse of the entrepreneur,” a condition in which the qualities that were so critical in founding the company (courage, creativity, innovation, risk-tolerance, etc.) give way to different needs as the business matures.
The founder continues to dream big when what’s really needed is a steady hand and the often-boring work of structure, discipline, and consistency.
While those effects are not confined solely to leadership, there can be little doubt that the top position in any company can define a business for years, either positively or negatively.
The Drosos story will, I expect, be better understood with the passage of time.
She appears to have righted a ship that struggled to navigate internal cultural challenges for years and must be given credit for the company’s outstanding performance amidst the global pandemic, when shopping malls contracted from 1,000 or so to a number fast approaching 400.
Whether it was a good idea for Signet to embrace lab-grown diamonds at a time when mall traffic is in decline (“lower average ticket” plus “fewer unit sales”) is a question worth asking.
With PetSmart’s J.K. Symancyk announced as Drosos’ replacement, it is also reasonable to ask, why was no succession plan in place? How does a company of that size not have a core base of executives from which a new CEO might emerge?
While the comings and goings of key personnel at $7 billion companies will always make headlines, there are, of course, less celebrated announcements that happen throughout the jewelry business on a regular basis.
To the companies making these hires, each one is just as important as the changes at Signet.
Every key hire brings with it the promise, or at least the hope, of a better path for the hiring company and a renewed optimism that the arriving leader can chart a better course.
In some cases, the new hire arrives because a once-relevant business has lost its way, perhaps even been passed by in the industry, and the seemingly Sisyphean task of getting things turned around lives and dies with a succession of executive hires and their attempted resuscitations.
In other instances, the business might be suffering from the “curse of the entrepreneur,” a condition in which the qualities that were so critical in founding the company (courage, creativity, innovation, risk-tolerance, etc.) give way to different needs as the business matures.
The founder continues to dream big when what’s really needed is a steady hand and the often-boring work of structure, discipline, and consistency.
“If you insist on equating tenure as a guarantee of competency, I’ve got a bridge I’d like to sell you.”— Peter Smith
In making senior hires, companies seem to have a default position that a given candidate must be qualified and competent based purely on the strength of them having served in a similar capacity with another organization in our space.
Experience and proximity somehow morph into perceived competency, often with little underlying justification.
So, if you find yourself thinking about making an important executive hire, don’t accept empty platitudes and euphemisms about their capabilities and accomplishments.
Challenge the default position that they must necessarily be good because they previously worked at company X or Y for years.
The possibility that they may have sucked in that job rarely enters the equation in our haste to see what we want to see. And if you insist on equating tenure as a guarantee of competency, I’ve got a bridge I’d like to sell you.
There are no shortcuts to understanding whether someone might be right for your business or not, but such an important decision ought to warrant a serious exploration of suitability in terms of both competence and cultural fit. The latter, I should point out, is no less important than capability.
A few questions to augment your work on assessing the candidate might include the following:
“What are you most proud of in your last position? Walk me through why that is and how you got there.”
In answering those questions, are they talking about the Big Rocks, the things that make the most difference in the business?
Are they pointing to something tangible that led to sales and profitability growth?
Do they give you examples of specifics that suggest veracity in their answers?
Another important question might be, “What is your vision for this brand? And can you give me a sense for what the roadmap might look like?”
Does the answer suggest the candidate has given real thought to what your brand is about?
Do they get the essence of what you believe your brand means, and does the answer promise a path that is feasible, or are they filling space with empty platitudes?
Don’t assume because they say “strategy” a lot, that they have a clue what strategy means. Former Southwest Airlines CEO Herb Kelleher once said, “Sure, we have a strategic plan. It’s called doing things.”
What does your candidate intend to do?
Ask them, “What do you imagine your first 90 days might look like? What will your priorities be if you were to be hired for this role?”
You’re not looking for a definitive GPS for those first 90 days, but you need to know that the candidate’s priorities speak to the things that are most important to the business, and they should credibly sound like they can execute around those key challenges.
Tell them what your single biggest issue is and ask them why they believe they are qualified to tackle that problem.
Ask them what they expect their biggest obstacles to be. Ask them if a year from now they have failed, why might that be?
Your next key executive may not have the seemingly herculean task of the Signet CEO, but to any given business, there is nothing more important than that leadership hire.
Stop rewarding tenure as though keeping your head above water was a good strategy for charting the critically important course for your business now.
Have a great holiday season and have fun planning for next year!
More on Columnists
The Latest
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, KeringThe luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch HistoryThe book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.
AuctionsOct 23, 2025
Freeman’s | Hindman Names New VP, Senior Specialist for Jewelry & WatchesAlexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds EditionThe superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.
