SourcingJul 06, 2026
Gemfields CEO Sean Gilbertson Steps DownAfter eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
MajorsOct 15, 2014
For Signet CEO, the decision to leave was personal
While Mike Barnes’s decision to step down after less than four years seems sudden, it’s not shocking that he wants to relocate to be closer to family.
Akron, Ohio--When the news broke early Tuesday, it caught many who follow the trade off guard.
Signet Jewelers Ltd., the largest specialty jeweler in the world, announced that its CEO Mike Barnes would be stepping down so he could move from Akron, where Signet is based, back to his family’s home in Dallas.
And he’ll be back home in time for Halloween. While some CEOs give a few months’ notice--Gap Inc. CEO Glenn Murphy, for example, resigned last week but will be with the retailer through February--Barnes gave three weeks. His resignation is effective Oct. 31.
The fact that Barnes resigned right now was surprising, said Tim Jackson, a former Signet executive who now heads the Jewelry Research Institute from his home in London, but it’s not altogether shocking that he’s leaving the company.
When the 53-year-old former Fossil executive officially replaced the retiring Terry Burman in early 2011 and did not relocate his family from Texas to Ohio, Jackson said he surmised Barnes would stay about five years. He has been with the company for almost four.
“It’s not a great way to live,” being thousands of miles away from your family, said Jackson, who did a lot of traveling for a time after Signet’s operations shifted from London to Akron.
He added that the conclusion of the Zale Corp. acquisition also meant a shift in direction for the company.
Barnes’s focus is mainly strategy--the company release announcing his departure stated that he led the development of the company’s “Vision 2020 Initiative” and incoming CEO Mark Light is quoted as saying that he’s enjoyed working closely with Barnes to “develop and implement successful strategies to accelerate the growth of Signet organically and through acquisitions.”
In addition to the $1.4 billion Zale buy, which shareholders approved in May, Signet also acquired Ultra Diamonds for $57 million in cash during Barnes’s tenure and since has been turning those stores into Kay outlet stores or its new Jared Vault outlet concept.
Meanwhile, Light handles more of the day-to-day operations of the retailer; he is described in the release as having a “meticulous approach to operational details.”
Light was the company’s president and chief operating officer before being promoted to CEO and has been with the company for 36 years. He has been running the U.S. business, Sterling Jewelers (owner of Kay Jewelers and Jared the Galleria of Jewelry),
since 2006 and took responsibility for the company’s U.K. business in the middle of this year.
Now that the company’s Vision 2020 strategy is in place--which includes getting Zale integrated and making its stores as profitable as possible-- it’s about implementation and operations for the foreseeable future.
“That (the day-to-day) was always going to be Mark’s task, not Mike’s,” Jackson said. “Maybe that’s (also) one of the reasons he decided to leave; there weren’t going to be a lot of strategic, big-picture tasks to be done.”
Simeon Siegel, an executive director and senior retail analyst at financial services firm Nomura, also said he was surprised when the news of Barnes’s resignation broke Tuesday morning. He does, however, remember a comment Barnes made during the company’s latest earnings call that he found interesting at the time, though he didn’t necessarily take it as a sign the executive soon would be resigning.
“Now ultimately I’m responsible for all of this,” Barnes said of Signet as a whole on the call, “but on a more day-to-day basis, I will continue to spend time on corporate functions, support and strategy while our COO, Mark Light, a 36-year veteran who knows the heart and soul of the jewelry business better than anyone I know, will run the operations.”
Both Jackson and Siegel agree that Barnes’s departure won’t have a negative impact on the company, even right before the holiday season.
“If they had to commence a search that would be a huge deal,” Siegel said.
However, Light, the son of former Sterling CEO Nate Light, who ran the company from 1977 to 1995 and was inducted into the National Jeweler Retailer Hall of Fame in 1995, has three decades of experience behind him, and is surrounded by strong team, Jackson notes.
“With Mark Light already there, there is an obvious person ready to take over,” he said.
More on Majors
The Latest
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
