Zale President and CEO Theo Killion and most of his top team are leaving the company in a dramatic Signet corporate reshuffle that includes bump-ups for longtime execs Mark Light, Ed Hrabak and George Murray, and the resignation of Signet's chief financial officer. George Murray, the former Sterling marketing vice president who has held the title of chief integration management officer since May, will replace Killion as president of the Zale division, which includes the assets of the former Zale Corp.: Zales, Gordon's, Piercing Pagoda and Zale Canada. Zale will continue as a separate division.

Zale Corp. is exploring the sale of its Piercing Pagoda kiosk business to focus on its fine jewelry operations, according to three people familiar with the matter.

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