AuctionsDec 09, 2025
‘Desert Rose’ Diamond Sells for $8.8M in Abu DhabiThe sale of the 31.68-carat, sunset-hued stone was part of Sotheby’s first series of events and auctions in Abu Dhabi.
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
ColumnistsDec 09, 2025
Holiday Sales Happen in December, Most Decisions Don’tMost customers who walk into your store this month have made up their minds. Your job is to validate their choice, Emmanuel Raheb writes.
TrendsDec 09, 2025
‘Once Upon a Time,’ Guzema Debuted Its Holiday CollectionThe collection features characters and motifs from Ukrainian folklore, including an enchanted mirror and a magic egg.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
TechnologyDec 09, 2025
Gemvision Releases Updated MatrixGoldMatrixGold 3.11, the newest version of the jewelry design program, offers more flexibility, precision, and creative control.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsDec 09, 2025
MJSA Showcase Pavilion Returning to JA New York The pavilion will be part of the 2026 JA New York Spring show, scheduled for March 15 to 17.
TechnologyDec 08, 2025
You’ve Heard of Smart Watches and Rings; Meet Smart EarringsBilled as the world’s smallest wearable, Lumia Health’s new smart earrings have a health tracker subtly embedded in the back.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TrendsDec 08, 2025
Amanda’s Style File: Celebrating December’s BirthstonesDon’t let those with December birthdays feel blue. Help them celebrate their month with blue zircon, turquoise, and tanzanite.
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
Policies & IssuesDec 03, 2025
Costco Joins Growing Wave of Retailers Suing for Tariff Refunds The retailer, which sells billions in fine jewelry and watches, is suing the Trump administration and U.S. Customs and Border Patrol.
SurveysDec 03, 2025
A Record 202.9M Shoppers Turned Out Thanksgiving WeekendBlack Friday is still the most popular shopping day over the five-day holiday weekend, as per the National Retail Federation’s survey.
AuctionsDec 03, 2025
Fabergé’s 'The Winter Egg' Achieves Record $30MThe historic egg, crafted for Russia's ruling family prior to the revolution, was the star of Christie’s recent auction of works by Fabergé.
FinancialsDec 02, 2025
Signet Jewelers’ Q3 Sales Up Amid Continued Focus on Lower Price PointsThe retailer offered more fashion jewelry priced under $1,000, including lab-grown diamond and men’s jewelry.
CollectionsDec 02, 2025
Briony Raymond Introduces First FragranceThe eau de parfum is held in a fluted glass bottle that mirrors the decor of the brand’s atelier, and its cap is a nod to its “Sloan” ring.
SourcingDec 02, 2025
Petra Diamonds Elevates Interim CEOs to Permanent StatusVivek Gadodia and Juan Kemp, who’ve been serving as interim co-CEOs since February, will continue to lead the diamond mining company.
MajorsDec 02, 2025
Lee Krombholz Takes Over as Chair of MJSA Education FoundationIn addition, a slate of new officers and trustees were appointed to the board.
IndependentsDec 02, 2025
RJO Welcomes Its 1,200th Retail MemberWitt’s Jewelry in Wayne, Nebraska, is the organization’s new milestone member.
SourcingDec 02, 2025
Brendan Laurs Honored With 2025 Bonanno AwardLaurs is the editor-in-chief of Gem-A’s The Journal of Gemmology and an expert on the formation of colored gemstone deposits.
