(Corrects paragraph 3 to remove reference to the lawsuit being filed months earlier)
July 17 (Reuters) - Signet Jewelers Ltd, owner of the Kay and Jared brands, said on Monday it named Virginia Drosos chief executive officer, succeeding 35-year company veteran Mark Light who will retire due to health reasons.
Signet has been struggling with declining revenue over the past four quarters as demand for its jewelry has softened. The company's stock has lost more than a third of its value in the past 12 months.
Drosos' appointment comes as the company's unit Sterling Jewelers fights a lawsuit brought by thousands of women who worked for the company, alleging sexual harassment and dicrimination.
"(Drosos) ... possesses a strong financial background, having managed multibillion dollar P&Ls through phases of high growth, while delivering cost reductions and operational efficiencies," Chairman Todd Stitzer said in a statement.
She has over 29 years of executive leadership experience in the beauty and consumer goods industries and served as a group president at Procter & Gamble Co, Signet said.
Drosos, who has served as an independent director on Signet's board since 2012, will take the helm on Aug. 1.
Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila and Sayantani Ghosh