Zale Executives Leave Company, Company to Focus on Core Diamond Business

Zale’s board of directors has appointed Zale President Theo Killion as interim CEO. Executive Vice President and Chief Sourcing and Supply Chain Officer Gil Hollander will assume the additional role of chief merchandising officer, making him responsible for all aspects of diamond sourcing and merchandising.

This is the fourth major shake-up in Zale’s management in four years.

News of the abrupt departures comes after repeated financial hardships for the jewelry retailer. Just this week, Zale reported a 15 percent drop in holiday season sales. On December 24, Bloomberg reported the company has enlisted the help of Rothschild, an investment bank, to evaluate restructuring options. 

"Our board is determined to do all in its power to put in place effective leadership to help return the company to profitability,” said Chairman John B. Lowe, Jr. “At the same time, these management changes will help facilitate renewed focus on Zale's core diamond business.”

Killion joined Zale in January 2008 as executive vice president and appointed president in August 2008. Previously, Killion held senior management positions at Tommy Hilfiger, Limited Brands, Macy's East and the Home Shopping Network. Hollander has over 35 years of experience in the jewelry industry, joined Zale in September 2000 with the acquisition of Piercing Pagoda and has served in various senior management positions with the company.