Frederic Cumenal, CEO of Tiffany & Co. has announced his immediate departure from the company.
“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. I have great confidence in Tiffany’s brand, strategic direction and people, and I believe the company will have many exciting opportunities in the future,” says Cumenal.
In response to Cumenal’s resignation, Tiffany’s board of directors has begun recruiting candidates in search of a successor.
“On behalf of the entire board of directors, I would like to thank Frederic Cumenal for his contributions to Tiffany,” says Michael J. Kowalski, former Tiffany CEO and current chairman of the board of directors. “At a time of continuing challenges in the global luxury market, Cumenal 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 endeavours.”
Kowalski will serve as interim CEO while also managing his role as chairman.
