Signet COO Resigns From the Company

Akron, Ohio--Signet Jewelers Ltd. COO Bryan Morgan has resigned from the company, it announced Monday.

In a form 8-K filed with the Securities and Exchange Commission, the retailer said he was stepping down due to “violations of company policy unrelated to financial matters.”

Morgan had been in the position since earlier this year, when he was promoted from position of executive vice president of supply chain management and repair.

He has been with Signet since July 2015, according to his LinkedIn page, and prior to that held various roles with Sterling Jewelers starting in July 2007.

While Morgan was let go for “violations of company policy,” the retailer also has seen a number of retirements in its upper ranks this year.

Morgan’s promotion into the COO role came at the same time as a major senior management restructuring at the company.

Ed Hrabak, then the company’s COO, announced he was retiring in late January after more than 30 years with Signet. At the same time, Tryna Kochanek, Signet’s executive vice president of North American store operations, also announced her retirement after more than three decades with the retailer.

It announced at the time that as Hrabek and Kochanek exit, it was creating two new positions--president and chief customer officer and chief retail insights and strategy officer. The retailer also said then that it was adapting to changes in retail and looking to build an “organization of the future” that focuses on improving the customer experience in stores and the digital experience online.

Then in May, Executive Vice President and Chief Merchandising Officer Stuart Lee, who has been with Signet for 21 years, and Clark McEwen, the senior vice president of Signet Direct Diamond Sourcing, announced they are retiring as well.

Signet provided no timeline for their exit or information on when, or if, their positions will be filled.

The retailer reported at the end of May that same-store sales were down nearly 12 percent in the first quarter due to a slowdown in jewelry spending in an already challenging retail environment and an 11 percent decrease in total sales year-over-year.