Signet nominates Jonathan Seiffer as newest director

By

Gabriella Lacombe

Published
May 1, 2019

Global jewelry retail group Signet Jewelers Limited and its board of directors have nominated Jonathan Seiffer to become a new director.

He will be up for election at the company’s 2019 annual meeting of shareholders.

Seiffer currently serves as a senior partner at private equity company Leonard Green & Partners, L.P., which has been a strategic investor in Signet since 2016, and has been an observer to the Signet board since October 2016. Leonard Green holds approximately 12 percent of the company’s outstanding common shares on an as-converted basis.

“[Seiffer] brings a comprehensive retail background and extensive experience working with companies undergoing transformations, as well as investor perspective,” said H. Todd Stitzer, the company’s chairman. “Having served as an independent observer to the board for the past several years, Signet has benefited from his counsel and we believe [he] will continue to be a valuable contributor in this increased capacity.”

Marianne Miller Parrs and Thomas Plaskett will not stand for reelection at the 2019 meeting of stockholders. The changes will bring the company’s board to 11 members.

The nomination comes as the jewelry company continues to pursue its 'Path to Brilliance' restructuring strategy.

Earlier this month, the group announced that in the fourth quarter ended February 2, 2019, Signet saw its total sales drop from $2.29 billion in the prior-year period to $2.15 billion, a figure that was still $11 million higher than analysts predictions.