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Tiffany's CEO Resigns Following Low Holiday Sales; Stock Slides

Image: Tiffany's CEO Resigns Following Low Holiday Sales; Stock Slides

Chief Executive Officer of Tiffany & Co. Frederic Cumenal attends the Tiffany & Co. Blue Book Gala at The Cunard Building on April 15, 2016, in New York City. (Dimitrios Kambouris/Getty Images)

By    |   Monday, 06 Feb 2017 05:24 PM

New York-based retailer Tiffany & Co. announced Sunday that CEO Frederick Cumenal has stepped down and the company has begun searching for a successor.

Former CEO, now Chairman of the Board of Directors Michael Kowalski will serve as interim CEO while a replacement is found, The Associated Press reported.

Acknowledging Cumenal has been a factor in positioning the company for long-term success, recent financial results have been disappointing to the board, Kowalski said, the AP reported. While third quarter profits and revenue were better than expected, holiday sales were worse than anticipated.

According to Business Insider, Tiffany blamed lower consumer spending and slower business at its flagship store on Fifth Avenue in New York near Trump Tower, which has been the scene of protests, tourists, and heightened security since the election in November.

Tiffany's stocks slid about 2 percent after the announcement.

Lady Gaga appeared in a Super Bowl ad for the brand Sunday, the first for Tiffany, although the company has designed the Vince Lombardi trophy since the first Super Bowl in 1967. Gaga’s eclectic style was seen as perfect for a new, edgier jewelry line being introduced by Tiffany.

Cumenal joined Tiffany in 2011 and became CEO in 2015. During his tenure, Tiffany opened new stores in Asia and Europe, including a store in his native France. Cumenal is a Harvard Business School graduate and worked for several luxury brands in France before coming to Tiffany & Co.

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New York-based retailer Tiffany & Co. announced Sunday that CEO Frederick Cumenal has stepped down and the company has begun searching for a successor.
tiffany, CEO, resigns
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2017-24-06
Monday, 06 Feb 2017 05:24 PM
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