New York City — Frederic Cumenal has resigned as chief executive officer of Tiffany & Co., effective immediately. The search for a successor is underway. During this process, Michael J. Kowalski, chairman of the board of directors and previous CEO of Tiffany, will serve as interim CEO while continuing as chairman.
“On behalf of the entire board of directors, I would like to thank Frederic Cumenal for his contributions to Tiffany,” says Kowalski. “At a time of continuing challenges in the global luxury market, Frederic has enhanced the management team and taken important steps to position Tiffany for success in the long term. We wish him the best in his future endeavors.”
Cumenal's resignation comes at a time of financial concern for the New York-based luxury jewelry retailer.
Mr. Kowalski continues: “The board…has been disappointed by recent financial results. We remain focused on enhancing the customer experience, increasing the rate of new product introductions and innovation, maximizing marketing effectiveness, optimizing the store network, and improving our business operations and processes, all while efficiently managing our capital and costs. We believe these initiatives and the pace of their execution are key to driving shareholder value.”
In November 2016, Tiffany reported better-than-expected quarterly profit and revenue. But in January, the company said that holiday sales were lower than it anticipated.
Tiffany was founded in New York in 1837. Through its subsidiaries, Tiffany & Co. manufactures products and operates TIFFANY & CO. retail stores worldwide, and also engages in direct selling through Internet, catalog and business gift operations. For more information, visit www.tiffany.com.
SOURCE: Tiffany & Co. / The Associated Press