Michael W. Barnes Resigns As Fossil's President, Chief Operating Officer And Director

Michael W. Barnes has announced his resignation from the post of President, Chief Operating Officer and Director of Fossil Inc FOSL, with effect from November 30, 2010. Mr. Barnes will join as the Chief Executive Officer (CEO) of Signet Jewelers Limited SIG. Kosta Kartsotis, Chairman of the Board and Chief Executive Officer said, "Mike joined our Company in 1985 at the very beginning of its development. Over the past twenty-five years, Mike has made many significant contributions to the growth and success of FOSSIL. He assisted us as we expanded from a single, domestic watch brand to a global business operating across multiple product lines, distribution channels and geographies. His presence and leadership will be missed." He added, "Mike has also played an integral role in helping us develop a strong, tenured leadership team with a depth of experience across our Company. This will enable us to transition Mike's responsibilities within our organization and I am confident in our ability to perform this process seamlessly." FOSL shares gained 2.75% to close at $54.59 yesterday. Read more from Benzinga's Company news.