Sterling Jewelers Inc. was founed in 1906 by Henry Shaw (the father of Jerry Shaw, the chairman emeritus of Sterling today), from one store in Cleveland, Ohio. Their headquarters in Akron, Ohio was established in 1922. Sterling is a wholly owned subsidiary of Signet Group plc (listed on the London and New York Stock Exchange under the symbol SIG), having been acquired in 1987. Sterling is the largest speciality fine jewelry company in the United States by sales. The company operates chains of fine jewellery stores in the United States, with 1,402 stores in all 50 states as of 29 December 2007. Mark Light is the President and Chief Executive of Sterling Inc. Sterling's main competitor is Zale Corporation, which operates the #2 US specialty retail jewelry chain. According to the company's 3 September 2007 Fact Sheet, Sterling has the #2 position in the US with a 4.3% market share of all jewelry purchases (compared to Wal-Mart at 4.6%, a substantial amount of that being costume jewelry, which Sterling does not sell). Sterling has a leading 8.8% market share in the speciality jeweler market share (highest in the sector), compared to Zale Corporation at 7.4% (#2 position).