THE TICKER:Jewelry retailer’s interim CEO gets job
Chicago Tribune, United States
Associated Press
Published July 25, 2006
IRVING, Texas — Zale Corp. on Monday named Betsy Burton president and chief executive, nearly six months after she took the post on an interim basis.
Burton, 54, succeeded Mary Forte, whose resignation in January sparked a series of front-office troubles for Zale.
Zale has struggled in recent years with frequent turnover in the CEO’s chair, merchandising mistakes and tougher competition from J.C. Penney Co. and Wal-Mart Stores Inc.
The Securities and Exchange Commission is investigating the company’s accounting.
Shortly after Burton took over, Zale promoted former Canadian business operations president John A. Zimmermann to a newly created post of president, Zale North America. This came after Paul Leonard resigned as president of the company’s main jewelry chain, Zales Jewelers.
In May, Zale placed its chief financial officer, Mark Lenz, on administrative leave.
Outside auditors discovered Lenz did not make a timely disclosure about delayed vendor payments worth $8.2 million last summer.
