Zale CEO Departs, Shares Tumble

Struggling jewelry retailer Zale Corp. (NYSE: ZLC) announced Wednesday that three top executives have left the company. Shares plummeted nearly 12% to $2.86 in after hours trading.

The company said that CEO Neal Goldberg was one of three executives that left the company, effective immediately. Mr. Goldberg joined the company in late 2007.

Zale has struggled during the recession, posting six straight quarterly losses as consumers cut back on discretionary spending. The board of directors appointed President Theo Killion to the additional role of interim chief executive.