As Acting CEO Since February, Burton has Directed Customer-Centric Strategy
to Leverage Zale's Fundamental Strengths, Build Sales Momentum
IRVING, Texas, July 23 /PRNewswire-FirstCall/ -- Zale Corporation
(NYSE: ZLC), the largest specialty retailer of fine jewelry in North America,
today announced that Betsy Burton has been named President and Chief Executive
Officer, effective immediately.
Ms. Burton, who will continue as a member of the Board of Directors, has
served as acting CEO since February 2006. Following a comprehensive search to
identify highly qualified candidates for the position of CEO, the Board
reached the conclusion that Ms. Burton is the ideal person to lead the
Company.
Richard C. Marcus, Chairman of the Board of Directors, said, "Betsy has
done a superb job running the Company since February. Under her leadership, we
are moving forward with a customer-centric strategy that leverages our
fundamental strengths to regain market share, improve profitability and create
value for shareholders. Betsy is an experienced executive with an outstanding
record of leadership and a deep knowledge of Zale. Along with the strong
management team we have put in place in recent months, Zale now has the right
leadership to realize our long-term growth potential."
Ms. Burton said, "I'm excited about the opportunity to continue the work
we've begun. We are already seeing tangible evidence of progress across all
brands, and I look forward to building on that momentum through the important
Holiday Season, while laying a foundation for long-term success. We've got
great brands and a team of associates who are dedicated, enthusiastic and
proud to be a part of Zale. We've intensified our focus on enhancing the
customer experience in our stores and giving our customers what we know they
want -- knowledgeable and friendly salespeople, a broad assortment of quality
product and good value. We are also working hard to identify and implement new
ways to improve productivity and profitability. Our strategy is in place, the
team is in place, and I look forward to being part of our future success."
Ms. Burton, 54, has been a member of the Zale Board of Directors since
2003. She has formerly served as Chief Executive Officer at Supercuts, PIP
Printing, and the Cosmetic Center. Ms. Burton is also a member of several
public company boards, including Staples, Aeropostale and Rent-A-Center.
About Zale Corporation
Zale Corporation is North America's largest specialty retailer of fine
jewelry, operating more than 2,345 retail locations throughout the United
States, Canada and Puerto Rico, as well as online. Zale Corporation's business
units include Zales Jewelers, Zales Outlet, Zale Direct at
http://www.zales.com, Gordon's Jewelers, Bailey Banks & Biddle Fine Jewelers,
Peoples Jewellers, Mappins Jewellers and Piercing Pagoda. Additional
information on Zale Corporation and its brands is available at
http://www.zalecorp.com.
Forward-Looking Statements
This release contains forward-looking statements, including statements
regarding management's strategies and goals for the Company's business.
Forward-looking statements are not guarantees of future performance and a
variety of factors could cause the Company's actual results to differ
materially from the results expressed in the forward-looking statements.
These factors include, but are not limited to: if the general economy performs
poorly, discretionary spending on goods that are, or are perceived to be,
"luxuries" may not grow and may even decrease; the concentration of a
substantial portion of the Company's sales in three, relatively brief selling
seasons means that the Company's performance is more susceptible to
disruptions; most of the Company's sales are of products that include
diamonds, precious metals and other commodities, and fluctuations in the
availability and pricing of commodities could impact the Company's ability to
obtain and produce products at favorable prices; the Company's sales are
dependent upon mall traffic; the Company operates in a highly competitive
industry; changes in regulatory requirements or in the Company's private label
credit card arrangement with Citi may increase the cost of or adversely affect
the Company's operations and its ability to provide consumer credit and write
credit insurance; acquisitions involve special risks, including the
possibility that the Company may not be able to integrate acquisitions into
its existing operations. For other factors, see the Company's filings with the
Securities and Exchange Commission, including its Annual Report on Form 10-K
for the fiscal year ended July 31, 2005. The Company disclaims any obligation
to update or revise publicly or otherwise any forward-looking statements to
reflect subsequent events, new information or future circumstances.
CONTACT: David Sternblitz
Zale Corporation
972-580-5047
SOURCE Zale Corporation
-0- 07/23/2006
/CONTACT: David Sternblitz of Zale Corporation, +1-972-580-5047/
/Web site: http://www.zales.com
http://www.zalecorp.com /
(ZLC)
CO: Zale Corporation
ST: Texas
IN: REA HOU
SU: PER
EM
-- NYSU015A --
8725 07/23/2006 22:58 EDT http://www.prnewswire.com
