Signet Jewelers CEO Barnes resigns, Light named as successor

MarketsAssociated Press

Signet Jewelers Ltd. said Tuesday that CEO Michael Barnes has resigned.

He will also step down from the company's board.

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Barnes' resignation is effective on Oct. 31. He has been with Signet Jewelers since 2010.

Barnes will be succeeded at the CEO post by President and Chief Operating Officer Mark Light, who will also become a director.

Chairman Todd Stitzer said in a statement that Barnes wanted to move closer to his family and have the ability to pursue opportunities near his home in Dallas.

Signet Jewelers, whose brands include Kay Jewelers and Jared The Galleria of Jewelry, is based in Bermuda. Earlier this year the company agreed to buy Zale for about $900 million.