Virginia “Gina” C. Drosos, CEO of Signet Jewelers, the world’s largest diamond jewelry retailer, has announced her intention to retire on 4 November 2024. Drosos has served as CEO for seven years and as a member of the Board of Directors for twelve. The Board of Directors has appointed J.K. Symancyk succeeded Drosos, effective upon her retirement. Drosos will remain an advisor through the end of the fiscal year to support a smooth transition.
Strategic Leadership and Business Growth
During her time at Signet, Drosos spearheaded a strategic transformation that significantly strengthened the business. Helen McCluskey, Chair of Signet’s Board of Directors, praised her contributions, stating, “As CEO, Gina led Signet in its transformation journey with strategic clarity, disciplined decision-making and a purpose-driven mindset. Under her leadership, in the last five years the Company expanded its market share by nearly 50% and significantly grew its digital presence.”
Drosos also oversaw a marked improvement in financial performance, including reducing the company’s gross debt by more than 90% and increasing liquidity. “Together, we have delivered strong results and transformed Signet into a purpose-inspired and modern jewelry industry leader,” Drosos said in the release. She added, “The Company is poised to deliver a brilliant future with long-term, sustainable growth.”
Signet’s revenue rose from $6.1 billion in fiscal year 2020 to $7.2 billion in fiscal year 2024, while non-GAAP operating income increased from $318 million to $643 million over the same period. The company also expanded its operating margins from 5.2% to 9.0%, and saw a significant rise in total shareholder return, delivering a 540% return over five years, exceeding the retail average by five times.
Expanding Digital and Consumer Focus
Drosos placed a strong emphasis on Signet’s digital transformation, increasing eCommerce penetration fourfold. “One of the key attributes that drew me to Signet is its purpose-driven and agile culture and focus on putting its team members and customers first,” said incoming CEO J.K. Symancyk. Drosos also reduced Signet’s reliance on mall-based retail, cutting mall revenue penetration from 60% to 35%, while enhancing Signet’s multi-channel strategy to serve both online and in-store customers.
Under Drosos’s leadership, the customer base also expanded, with 80% of jewelry customers now reached by the brand portfolio, up from 50%. Additionally, she eliminated consumer credit from Signet’s balance sheet and introduced third-party financing options, providing new avenues for customer engagement.
Leadership Transition and Future Growth
J.K. Symancyk, who will assume the CEO role in November 2024, brings over three decades of retail industry experience. “I am honoured to join Signet as its next CEO and continue advancing the strategy that Gina and the team have established,” Symancyk said. He highlighted the strength of Signet’s brand portfolio and its customer-focused culture, adding, “Signet’s position as a leading global jewelry retailer with a diverse portfolio of renowned brands provides a competitively advantaged foundation for continued growth.”
McCluskey noted the Board’s confidence in Symancyk’s ability to lead the company forward. “We are confident he is the ideal CEO to build on the team’s progress in establishing Signet as the growth and innovation leader of the jewelry industry.”
Joan Hilson’s Expanded Role
Signet also announced expanded responsibilities for Joan Hilson, who will now serve as Chief Financial and Operating Officer.
Hilson, who has been with the company since 2019, will oversee supply chain operations and key brands such as Blue Nile and James Allen, in addition to her existing responsibilities. McCluskey remarked, “We are also excited to recognise Joan Hilson’s contributions, particularly in creating a strong financial foundation and growing services portfolio.”
Drosos’s Legacy in the Jewelry Industry
Drosos leaves behind a legacy of transformation at Signet, having led the company through significant financial and cultural advancements. Her focus on fostering a purpose-led culture earned the company multiple accolades, including recognition by Great Place to Work and Fortune’s Best Workplaces in Retail.
Reflecting on her tenure, Drosos said, “It has been a true honour to serve Signet for the past twelve years as a member of the Board and the past seven as CEO. With the ongoing successful execution of our Inspiring Brilliance strategy and the path established for our next phase of growth, now is the right time for this planned leadership transition.”
