Richard Breeden, the former U.S. Securities and Exchange Commission chairman who is now an activist investor, has raised his stake in U.S. jeweler Zale Corp. to 13.3 percent from 7.7 percent, Reuters reports.

Breeden bought the additional 2.16 million shares through his investment vehicle Breeden Capital Management from Nov. 8 through Dec. 28 at prices varying from $15.60 to $19.18 each, according to a regulatory filing on Wednesday.

Breeden first reported a stake in Zale in September, when he said he believed the stock was undervalued and may in the future try to initiate a major transaction at the company.

Zale named Neal Goldberg, a former president of Children’s Place Retail Stores Inc., as its chief executive on Dec. 20.

JCK