Stitzer To Replace Signet’s Sir Malcolm
Bermuda-domiciled Signet Jewelers Limited today [Dec. 6] appointed H. Todd Stitzer as an independent director, effective January 9, 2012.
Mr. Stitzer was, until its acquisition by Kraft, Inc. in 2010, the Chief Executive Officer of Cadbury PLC, having joined that company in 1983 as Assistant General Counsel for North America, before moving into strategic planning, and marketing and sales roles. Mr. Stitzer became CEO of Cadbury PLC’s wholly owned subsidiary, Dr Pepper/7 Up Inc., in 1997 and then of Cadbury PLC in 2003.
Mr. Stitzer attended Harvard College and Columbia University Law School and practiced as an attorney with Lord, Day & Lord. He is a director of publicly held Diageo PLC and of privately held Massachusetts Mutual Life Insurance Company.
He is a member of the advisory board of Hamlin Capital Management, a privately held investment advisory firm, and is also a member of the advisory committee to the board of Virgin Group Holdings Ltd., a privately held company.
Sir Malcolm Williamson, non-executive Chairman of Signet, commented: “On behalf of the board, I welcome Todd as an independent director of Signet. I am confident that his broad experience will enable him to make a significant contribution.”
The company also announced that Sir Malcolm will not stand for re-election to the board at the annual general meeting of shareholders to be held in 2012.
The board has agreed to appoint Mr. Stitzer to serve as Signet’s non-executive Chairman, effective following the conclusion of the 2012 AGM, subject to Mr. Stitzer’s election as a director at the 2012 AGM.
Russell Walls, the chair of Signet’s Nomination and Corporate Governance Committee commented: “On behalf of the Board, I thank Sir Malcolm for his excellent stewardship of Signet during his years as Chairman. His outstanding leadership, experience and judgment over his tenure as Chairman have assisted the Group achieve the position it holds today.”
Signet is the largest specialty retail jeweller in the US and UK and operated 1,860 stores at October 29, 2011, these included 1,324 stores in the US, where its store concepts include Kay Jewelers, Jared The Galleria Of Jewelry and a number of regional names.
At the same date, Signet also operated 536 stores in the UK, where its store concepts are H. Samuel, Ernest Jones and Leslie Davis.
Signet Group plc was incorporated in England and Wales on January 27, 1950 under the name Ratners.
On September 11, 2008, Signet Group plc became a wholly-owned subsidiary of Signet Jewelers Limited, a new company incorporated in Bermuda under the Companies Act 1981 of Bermuda, following the completion of a scheme of arrangement approved by the High Court of Justice in England and Wales under the UK Companies Act 2006.
Shareholders of Signet Group plc became shareholders of Signet Jewelers Limited, owning 100 percent of that company. Signet Jewelers Limited is governed by the laws of Bermuda.
