- Push-out Score suggests push-out forces
- After about four years in the position
- Praise for Santana
- Search for a successor
- Santana made a lengthy statement and said 69 words
(exechange) — Hamilton, Bermuda, August 30, 2018 — Michele Santana, finance chief of Signet Jewelers, leaves the position. As announced by Signet Jewelers Limited in a news release and in a regulatory filing published on Thursday, August 30, 2018, Michele Santana, Chief Financial Officer, leaves the retailer of diamond jewelry after about four years in the role, effective in 2019.
Santana’s move comes 13 months after Virginia C. Drosos took over as CEO of Signet Jewelers Limited.
Santana will stay in her current role as CFO until a successor is found and will subsequently continue with the Company as a Senior Advisor through April 30, 2019 or such earlier date as determined by the Company.
Signet Jewelers will undertake a search for a successor.
“To pursue other opportunities”
Santana’s departure from the CFO post is explained as follows. Signet Jewelers said: “Chief Financial Officer Michele Santana will leave the company in 2019 after eight years of service to pursue other opportunities.”
The phrase “to pursue other opportunities” opens the door to speculation.
Precise information about Santana’s future plans was not immediately available.
Share price decline
The change follows a decline in the share price of Signet Jewelers Limited since November 2015.
Chaired by Todd Stitzer
Signet Jewelers Limited is chaired by Todd Stitzer.
Todd Stitzer has been Chairman of Signet since June 2012.
CEO: Virginia C. Drosos
Virginia C. Drosos serves as CEO of Signet Jewelers Limited. Virginia C. Drosos has been the Chief Executive Officer of Signet Jewelers Limited since August 1, 2017.
In the position of CFO since 2014
Michele Santana has been the Chief Financial Officer of Signet Jewelers Limited since August 2014.
Santana joined Signet as Senior Vice President and Financial Controller in 2010 and was appointed CFO in 2014 where she was responsible for Signet’s financial strategy and planning, including tax, treasury, accounting, financial services, investor relations, and internal audit.
She oversaw the acquisitions of Ultra Stores, Inc., Zale Corporation and R2Net, and most recently executed Signet’s strategic priority of outsourcing credit financing, allowing the company to focus on its core retail business.
In addition, she led the development of the financial foundation, including the three-year cost optimization program, for Signet’s Path to Brilliance transformation plan.
Generally speaking, when a top manager announces to step aside with no successor in place, it’s a sign that the change was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Michele Santana’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 36.2018 ($).