Whitehall Jewellers Names Former JC Penny Exec as CEO

Whitehall Jewellers has named jewelry industry veteran Beryl Raff as CEO. Struggling Whitehall has been seeking a CEO since Chairman and CEO Hugh Patinkin died in March.

Raff has been JC Penney’s Senior Vice President and General Merchandise Manager of fine jewelry since 2001. Before that she was at Zale for six years, including as CEO from September 1999 to February 2001. Raff will also join Whitehall's board of directors.

Whitehall, a U.S. retailer of fine jewelry. has been hit by lawsuits, federal investigations, financial difficulties and frequent top management changes over the past few years.

Beryl Raff has been granted an employment inducement award of options to purchase 325,000 shares of common stock of the company. The award will vest in three equal annual installments commencing August 10, 2006, with a strike price of $6.63.