Zale Replaces CEO, Names Neal Goldberg

Betsy Burton, CEO of jewelry retailer Zale, is stepping down, in the heart of the holiday season, as the company is battling to generate sales. She is to be succeeded by Neal Goldberg who will serve as president as well, the company said Thursday.

Zale didn’t provide any explanations to the abrupt move, or if it was initiated by the board of directors or by Burton. Described as a “retail industry veteran,” Goldberg’s appointed is effective immediately. He has also joined the company’s board.

Goldberg, 48, has 27 years of experience in the retail industry, including senior roles at Macy’s, Victoria’s Secret and Gap. Most recently, he served as president of The Children’s Place.

John B. Lowe, Jr., chairman of the board, said in a written statement, “We believe Neal Goldberg will be an outstanding CEO.”