No Bling on This Ring

Stock drops following word of management shuffle.

Key executives at Irving-based Zale Corporation left the company on Wednesday.

Zale officials announced Chief Executive Officer Neal Goldberg, Chief Merchandising Officer Mary Kwan and Chief Stores Officer William Acevedo  quit effective immediately according to a Reuters report.

The company announced president Theo Killion would serve as interim CEO. Killion joined Zale in 2008 after spending time in management positions at Tommy Hilfiger and Limited Brands Inc.

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

News of the management shakeup comes less than a week after the chain announced sales dropped 12 percent in November and December.

Copyright REUTS - Reuters
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