Joseph Cicio has agreed to become the CEO of Mayor’s Jewelers, Inc. He replaces Isaac Arguetty, the former chairman and CEO and company’s founder.
Both moves were announced in early March immediately following a board of director’s meeting. The Sunrise, Fla.-based company in February reportedly lost nearly $50 million since 1998.
Arguetty, founded of the original company, Jan Bell Marketing, Inc., in 1983, and served as chairman until 1990. He had resumed an active role in the Company in 1994. He moved the company from a leased department retailer in more than 400 Sam’s Clubs, to a luxury jewelry chain after the acquisition of Mayor’s Jewelers in 1998. He led an aggressive plan to expand the chain from 24 to 41 stores. The company later adopted the Mayor’s name. Arguetty will remain a director of the company, a company statement said.
Cicio has been a retail consultant to the company since August, 2001. He has more than 35 years experience in the retail industry, including service as president for retail development for Donna Karan International, chairman and CEO of I. Magnin, and various positions with R. H. Macy & Co.
Mr. Peter Offermann, an outside director, has been appointed interim chairman. Offermann is also the chairman and CEO of ATC Group Services, Inc., an environmental consulting company, and was executive vice president and CEO of TLC Beatrice International Holdings, Inc.