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Zale reports changes in top management

By Michelle Graff
July 06, 2009

Dallas--Zale Corp. is experiencing another reshuffling among members of its executive management team, a recent filing with the Securities and Exchange Commission shows.

According to the filing dated June 30, on June 24, Cindy Gordon, the company's senior vice president, controller and chief accounting officer, resigned effective June 30.

Jim Sullivan, who has served as Zale's vice president of financial reporting and compliance since joining the company in January 2007, has been appointed to the position of vice president, controller and chief accounting officer effective July 1.

In addition, the filing shows that Zale entered into a separation and release agreement with its Executive Vice President, Chief Marketing and E-Commerce Officer Steve Larkin.

As provided in his employment security agreement, Larkin will receive, among other benefits, $651,693 in severance pay and any accrued but unpaid base salary, vacation pay or bonuses.

The filing did not specify who would take over Larkin's role.

Back in January, Zale announced that Chief Financial Officer Rodney Carter had left the company and that Gordon was assuming the role of interim CFO while Zale searched for a replacement.

In May, Zale announced that it had hired Matthew W. Appel as its new CFO effective June 15 and that Gordon would continue on with the company as senior vice president and controller.

While other competitors, such as Sterling Jewelers Inc., saw recent improvement in comparable-store sales, same-store sales were down 20 percent in the third quarter of fiscal 2009 for Zale, the company reported in May.

According to National Jeweler's 2009 State of the Majors, Zale currently ranks as the largest North American retail jewelry chain by store count, with 2,080 units.
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