Signet Jewelers is nominating the senior partner of one of its largest shareholders to the jewelry retailer’s board of directors.
The company, with corporate headquarters in Akron, also said it is reducing the size of its board with the upcoming retirement of two directors.
Jonathan Seiffer, senior partner at investment firm Leonard Green & Partners, will be up for election to the board at Signet’s annual shareholders meeting June 14 at the Hamilton Princess hotel in Bermuda. Signet is legally incorporated in Bermuda. Seiffer has been an observer to the Signet board since October 2016.
His firm, Leonard Green, became a “strategic investor” in Signet in 2016 and holds about 12 percent of the company’s shares, according to the company.
“We are pleased to recommend Jonathan for election,” H. Todd Stitzer, Signet chairman, said in a news release. “Jonathan brings a comprehensive retail background and extensive experience working with companies undergoing transformations, as well as investor perspective.”
Signet said Marianne Miller Parrs and Thomas Plaskett, both directors since 2008, will not stand for re-election at the annual meeting. They turn 75 this year.
Parrs retired in 2007 as chief financial officer of International Paper Co. Plaskett has been chairman of private consulting firm Fox Run Capital Associates since 1991.
With the two retirements and the pending election of Seiffer, the Signet board size will be reduced from 12 to 11, the company said.
Seiffer joined Leonard Green in 1994. He also is on the boards of Aersale, Authentic Brands Group, BJ's Wholesale Club, Caliber Collision Centers, Mister Car Wash and SRS Distribution, and previously served on the board at Whole Foods Markets. He has a bachelor’s degree in systems engineering and a bachelor’s degree in economics from the University of Pennsylvania.
According to Signet’s just-filed proxy, other significant Signet shareholders include investment firm BlackRock Inc., also with about 12 percent of company shares, investment firm Capital Research Global Investors with 10.9 percent of company shares, and mutual fund firm Vanguard with 10.7 percent of company shares.