Fossil COO leaves to become CEO of Signet

RICHARDSON, Texas (AP) - Fossil Inc., which markets watches, jewelry and fashion accessories, said its president and chief operating officer is leaving to take the top job at another company.

Fossil said Wednesday that Michael W. Barnes will resign as its president and COO to become CEO of Signet Jewelers Ltd., based in Hamilton, Bermuda.

Barnes has been at Fossil since 1985. He is leaving Nov. 30.

Fossil has 354 retail stores. It also sells products over its U.S. e-commerce website and to department stores, specialty retail stores and specialty watch and jewelry stores.

Fossil shares fell $1.61, or 3 percent, to $52.98 in morning trading Wednesday. Signet shares fell 8 cents to $31.52.