Tiffany & Co. is the latest company to see a major executive shakeup, revealing late this afternoon that chief executive officer Frederic Cumenal has stepped down, effective immediately.
The statement from Tiffany said the board has begun a search for Cumenal’s successor. In the interim, former ceo and current chairman Michael Kowalski will serve as interim ceo.
Kowalski said, “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.”
Kowalski also said the company’s board is “committed to our current core business strategies but has been disappointed by recent financial results. The board believes that accelerating execution of those strategies is necessary to compete more effectively in today’s global luxury market and improve performance.”
According to Kowalski, those strategies include enhancing the customer experience, increasing the rate of new product introductions and innovations, maximizing marketing effectiveness, optimizing the store network and improving business operations and processes.
Cumenal said he had “great confidence in Tiffany’s brand, strategic direction and people, and I believe the company will have many exciting opportunities in the future.”
Cumenal’s exit is the latest
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