Tiffany CEO Cumenal is out; chairman Kowalski becomes interim CEO
Tiffany, the company dealing with famous iconic luxurious gifts and jewelry worldwide, has been seeing rough times.
Mr. Cumenal said, "I am proud of what we have accomplished at Tiffany and would like to thank the management team and our many talented employees around the world with whom I have had the pleasure to work".
Additional information about potential risks and uncertainties that could affect the Company's business and financial results is included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2016, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and the Company's Press Release dated January 17, 2017. Kowalski will continue as Chairman.
Cumenal had been CEO since April 2015 after joining TIF in 2011 to oversee sales and distribution, and became president and joined the board in 2013; Kowalski joined the company in 1983 and was CEO from 1999 until becoming chairman as Cumenal took the top job.
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The board "has been disappointed by recent financial results", said Kowalski in the statement. This will not only improve their performance, but also help them make prosperous strides.
However, the holiday sales rose by 7 percent in Asia Pacific region and in Japan by 16 percent, but in Europe and America, the sales declined as the value of the United States dollar intimidated foreign visitors and tourists.
The company stated that the holiday sales that went down lower than their expectations was the result of the disruptions caused after the United States presidential election near their headquarters in NY. The strategic direction-a focus on introducing new products, targeted marketing investments, optimising existing stores, and cost control-will remain the same until a permanent replacement is found.
"In New York, you're born knowing that Tiffany is the best, and that it is where the magic happens". Reed Krakoff will now fill the role of chief artistic officer.
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