Once again Zale has replaced senior management, probably in an effort to reverse declining sales. The Securities and Exchange Commission (SEC) was notified by Zales regarding the departure of the executives.
Zales senior vice president, controller and chief accounting officer Cindy Gordan left the company on June 30th, 2009. Jim Sullivan was appointed as the new vice-president, controller and chief accounting officer. His appointment is effective from July 1 2009.
Meanwhile Steve Larkin the Executive Vice President, e-commerce officer and chief marketing officer of Zales left on June 4th. Larkin was given a severance pay of $651,693. However Zale has not yet named named a replacement.
Zales has over 2000 retail stores, the largest North American retail jewelry chain. Zales focuses on affordable jewelry to the middle class, a segment of the population that is severely affected by the recession.