Richard Marcus, longtime Zale Corp. board member and chairman since 2004, has quietly resigned from the Irving-based jewelry chain.

Mr. Marcus, 69, joined the Zale board at a critical time, as it was exiting Chapter 11 bankruptcy in 1993.

His 14-year tenure included some of the chain's best times, including its high-profile turnaround in the 1990s, led by chief executive Robert J. DiNicola. However, recent years have been marked by declining market share and profit and near-constant turnover in the top executive ranks.

"Richard led us through some choppy waters and kept us together and focused," said Jack Lowe Jr., a Zale board member since 2004, who has succeeded Mr. Marcus as chairman.

Mr. Lowe, 68, is president of the Dallas Independent School District Board and chairman of Dallas-based mechanical and plumbing contractor TDIndustries Ltd.

In 2006, Zale's board discussed a possible merger with its largest competitor, U.K.-based Signet Group, which operates the Kay and Jared chains in the U.S. But the idea was dismissed.

Last week, Zale sold its upscale 70-store Bailey Banks & Biddle chain to Finlay Enterprises Inc. for $200 million and said it will focus on its core middle-market chains.

Both the outgoing and incoming chairman said in separate interviews last week that they believe Zale should remain an independent company.

"Zale is still an enormous franchise with the best-recognized name in its segment of the specialty jewelry business. We need to executive better and we will," Mr. Marcus said.

The market is still very fragmented and competitive he said. "No one dominates. Kay's is a significant player, and we're a significant player, but each is still a small percentage of the business that's done in this category."

Mr. Lowe discussed his "desire to remain an independent company."

"We've been struggling to gain traction, but the sale of Baileys Banks & Biddle will help us clean up our brains and our balance sheet."

Bailey Banks & Biddle represented 10 percent of revenue "but required 25 percent of our efforts," Mr. Lowe said. "Its business is significantly different from Zales and Gordon's."

He predicted Zale over the next "two to three years will be a lot better company than we are now."

Mr. Marcus and Mr. Lowe both said the company needs to focus its efforts on its biggest division, Zales Jewelers.

"If Zale sneezes, the rest of the company gets pneumonia," Mr. Marcus said.

When Zale came out of bankruptcy, one of the biggest challenges it had was to fix some broken vendor relationships, Mr. Marcus said. Zale also started new businesses that are still among the best-performing parts of the company, in Zale Outlet and the Canadian acquisition of Peoples Jewellers.

Zale, which also operates Gordon's and Piercing Pagoda, has lost market share over the past three years, becoming the No. 2 U.S. jeweler behind Signet's U.S. division.

In 2006, Zale tried to take the flagship Zales brand to a more upscale shopper, with more gold and silver fashion jewelry, but the strategy didn't work.

Mr. Marcus said he considered leaving a year ago, but with all the tumult, including high-level executive departures and a Securities and Exchange Commission inquiry that was dismissed with no action against the company, it wasn't the right time, he said.

"I have positive memories. A lot of good things happened to the company after it came out of Chapter 11," Mr. Marcus said. "Later, many things weren't done right, and the competitive environment shifted."

Mr. Marcus said his Zale departure doesn't mean he's retiring. He plans to pursue additional business associations and ventures, but said, "I'll share that with you another time."

He's had a varied career that included succeeding his father, the legendary Stanley Marcus, as chairman and CEO of Neiman Marcus Stores from 1979 through 1988.

From 1997 to 2006, he was a senior adviser to Peter J. Solomon Co., a New York investment banking firm. He was also a longtime director of another retail company with Dallas roots, Michaels Stores Inc., and has been on the board of Land's End and other retailers.