Zale said that in addition to CEO Neal Goldberg, Chief Merchandising Officer Mary Kwan and Chief Stores Officer William Acevedo have also quit, effective immediately.
Shares were down 33 cents, or 10.2 percent in after hours trading.
Zale, whose store chains include Zales Jewelers stores in the United States and Peoples Jewelers in Canada, said its board had selected its president, Theo Killion, to serve as interim CEO.
Killion joined Zale in 2008 and previously held senior management positions at companies such as Tommy Hilfiger and Limited Brands Inc .
The news comes less than a week after the chain announced that sales at its stores open at least a year, or same-store-sales, had fallen 12 percent in November and December.
That performance contrasts with the 12 percent gain in same-store-sales over the same period reported on Tuesday by its more upscale rival Tiffany & Co.
The retailer has reported losses in seven of the last eight quarters.
(Reporting by Phil Wahba)