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
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
SourcingMar 13, 2026
Andrea Pooler Joins Third-Generation Diamond Company as COO Pooler, who has more than 25 years’ experience in jewelry, is now chief operating officer of Modani Jewels, Soham Diamonds, and SNJ Creations.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
FinancialsMar 10, 2026
Signet Jewelers’ Q4 Sales Fall Flat The jewelry giant released preliminary results for the fourth quarter and full year on Monday, with final results slated to come next week.
MajorsMar 10, 2026
Saks Global to Close 15 More StoresThe retailer also gave an update on its vendor partnerships.
TrendsMar 10, 2026
Messika Names Julianne Moore as AmbassadorThe award-winning actress is the “epitome of modern allure,” the brand said.
CollectionsMar 10, 2026
Gemstones ‘Bloom’ in Sorellina’s New CollectionThe “Bloom” collection draws from the flower power movement of the 1960s and ‘70s with inlay pendants offered in eight colorways.
Events & AwardsMar 10, 2026
Diamond-Studded Painting Shines at RJO Foundation AuctionThe unique piece was one of the custom works offered at the foundation's recent silent art auction, which garnered nearly $15,000 in total.
TrendsMar 09, 2026
Jake Gyllenhaal Is Bulgari’s Latest AmbassadorBulgari named Gyllenhaal as its brand ambassador for his embodiment of artistic depth, intellectual curiosity, and warmth.
Events & AwardsMar 09, 2026
TJS Announces 2026 Scholarship WinnersAwards were given to four students, one apprentice, and an emerging jeweler.
