Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
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),
Editors' Picks
Sponsored by
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
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
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.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
SourcingAug 13, 2026
2,488-Carat Diamond, Largest Found in Botswana, Has a New Owner Lucara Diamond Corp., which recovered the “Motswedi” diamond from the Karowe mine, sold the stone for an undisclosed amount.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
SourcingAug 12, 2026
Eshed-Gemstar on the Painstaking Process of Cutting ‘The Legacy Emerald’The gemstone supplier and manufacturer acquired the remarkable 104-gram Zambian emerald at Gemfields’ auction in May.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
