Tiffany chief executive officer leaves after disappointing results
Upmarket US jeweller Tiffany & Co is looking for a new CEO after disappointing financial results due to sales dropping in the November-December period
New York — Frederic Cumenal has stepped down as CEO of Tiffany & Co after what the upmarket jeweller called disappointing financial results. Chairman and former CEO Michael Kowalski would serve as interim CEO while the board of directors seeks a new CEO. Kowalski will continue as chairman. "The board is committed to our current core business strategies, but has been disappointed by recent financial results," Kowalski said on Sunday. He said the company remained focused on "enhancing the customer experience, increasing the rate of new product introductions and innovation, maximizing marketing effectiveness ... all while efficiently managing our capital and costs." The company also affirmed its guidance for financial 2016 set out in its January 17 sales news release. The company said in January that sales on the November-December period were "somewhat lower" than it expected, hit by lower consumer spending and a drop in sales at its flagship store in New York. The company said that on...
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