(Bloomberg) -- Zales and Kay Jewelers owner Signet Jewelers Ltd. is bringing on J.K. Symancyk, the chief executive officer of PetSmart Inc., to replace the retailer’s retiring head Gina Drosos.
Drosos will retire as CEO and board member on Nov. 4 following 12 years with the company, Signet said in a statement. She will continue as an adviser until the end of the company’s current fiscal year.
Signet stock fell 7.8% at 10:19 a.m. in New York trading on Tuesday, bring their year-to-date to decline to about 11%. The shares had risen 68% since she took over in August 2017 through Monday’s close.
Symancyk’s departure from PetSmart, which he led for six years, was announced on Monday. He’ll face the challenge of recapturing growth at Signet amid a sales slump that’s persisted in recent quarters. The company last month said that sales of engagement jewelry have rebounded, sending the stock surging.
Signet is also expanding Joan Hilson’s responsibilities, making her head of operations in addition to being chief financial officer.
--With assistance from Julia Fanzeres.
(Updates share trading)
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