Michael Barnes

Signet Jewelers Ltd, the largest jewelry retailer in the U.S., U.K. and Canada, this morning announced that President and Chief Operating Officer Mark Light will become its new chief executive starting Nov. 1. He will replace current CEO Michael Barnes, who is resigning from his job and from Signet's board of directors to "pursue opportunities closer to his home in Dallas," effective Oct. 31. Barnes was based in Akron, Ohio, home of Signet's U.S. retailers Kay Jewelers, Jared the Galleria of Jewelry, and regional brands such as J.B. Robinson.

Watch and accessories retailer Fossil Inc. is losing its President and Chief Operating Officer Michael Barnes. Barnes is departing the Richardson-based retailer to serve Bermuda-based Signet Jewelers Limited as chief executive officer.