Signet announces new chief executive

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Fossil president Mike Barnes to succeed Terry Burman.

Signet has announced that Fossil president Mike Barnes will take over from Terry Burman as the jewellery group’s new chief executive.

Barnes will join Signet in December and will be based in Ohio in the US. He will take over from current boss Burman who will retire on January 29, 2011.

Signet chairman Sir Malcolm Williamson said: “We are delighted to have recruited such a strong candidate as Mike to be Signet’s CEO. Mike is a seasoned and accomplished manager who with his strategic and attentive outlook to operational details brings valuable experience to Signet. He will be an able successor to Terry Burman who has led Signet as CEO for the last 10 years and who leaves a strong legacy.”

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Barnes has a well-documented 25-year career at Fossil, where he is currently president, chief operating officer and a director. Starting out as one of the company’s first employees, he has been instrumental in building the brand up and taking the watch, jewellery, fashion and accessories company public in 1993.

Barnes said: “Signet has established itself as a leading retailer in both the US and the UK, with significant competitive advantages. It has a great culture of excellence in execution and continuous improvement, and has had considerable success in developing differentiated merchandise ranges. I am looking forward to working with everyone at Signet.”

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