Zale Corporation names Neal Goldberg President and CEO

Zale Corporation, a leading specialty retailer of fine jewelry in North America, announced that retail industry veteran Neal Goldberg has been named President and Chief Executive Officer, effective immediately. He has also joined the Company’s Board of Directors.

Mr. Goldberg, 48, has 27 years of experience in the retail industry, including senior roles at Macy’s, Victoria’s Secret and Gap Inc. Most recently, he served as President of The Children’s Place Retail Stores, Inc., a leading specialty retailer of high quality, value-priced apparel and accessories for children.

Mr. Goldberg has been appointed as successor to Betsy Burton, who is stepping down from her management and Board positions. Ms. Burton, a director of Zale since August 2003, has served as CEO of the company since February 2006. She will continue to advise the Company pursuant to a two-year consulting agreement.

John B. Lowe, Jr., Chairman of the Zale Board of Directors, said that the company believe Neal Goldberg will be an outstanding CEO. He has a unique combination of retail experience, leadership and teambuilding skills, and talent to move the Company forward, building on the progress that has already been achieved. In his various roles at specialty retailers and department stores, Neal has proven to be both a strong merchant and a skilled operator who has inspired his colleagues and earned the respect of his business partners. We are delighted that he has agreed to join Zale to continue the focus on driving shareholder value.

Mr. Goldberg said I am very excited about this opportunity to apply the skills I have developed over the past 27 years at leading specialty and department store retailers. My primary objective as CEO of Zale will be to drive value for the benefit of our shareholders, customers, employees, vendors and business partners. The Company has identified several high-level strategies with respect to customer, product and return on capital discipline. I would anticipate reviewing these strategies for further refinement in order to reach our full potential. Fortunately, we will be working from a solid foundation of great brands, dedicated and enthusiastic associates, loyal customers and strong vendor relationships.

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