Tiffany & Co. (NYSE: TIF) said its Chief Executive Officer Frederic Cumenal will step down as the company cited disappointing financial results on Sunday.
Speaking to the media, Michael Kowalski thanked the Cumenal for his able guidance and support and his role in the enhancement of the management of the company and preparing Tiffany to work and function on a long term basis.
Tiffany said its board is "committed to our current core".
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The company stated that the holiday sales that went down lower than their expectations was the result of the disruptions caused after the USA presidential election near their headquarters in NY.
The surprise announcement came just hours before the Super Bowl was set to kick off in Houston, Texas - where Lady Gaga, the jeweler's new pitchwoman, performed at the halftime show. "The Brand is definitive and iconic, yet continues to push and evolve with the times", Gaga said in a statement. 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 many reports, the company hit a tremendous blow when their sales went below the holiday sales they had anticipated.
"In New York, you're born knowing that Tiffany is the best, and that it is where the magic happens".
A diamond may last forever, but many a CEO's days are numbered. 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.
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