Tiffany CEO to Exit Amid Sales Slump at Luxury Chain
The Board of Directors has commenced a search to recruit a successor in which it will be assisted by a leading executive search firm.
As the management of the company changes, Michael Kowalski, the chairman of the board has confirmed that the company wishes to function under his administration at a superior executive post, which will operate on the basis of interim till the time the company discovers and comes across a deserving talent who can serve as a replacement for Frederic Cumenal and transform the current status of Tiffany. "We wish him the best in his future endeavors".
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"As such, we remain focused on enhancing the customer experience, increasing the rate of new product introductions and innovation, maximizing marketing effectiveness, optimizing the store network and improving our business operations, all while efficiently managing our capital and costs". His departure follows the company January 17 reporting weak holiday-season sales, including a 2% decline in global same-store sales during the October-to-December period compared with year-ago levels.
The company said Sunday it expects to report on March 17 before the market opens its fourth quarter and full 2016 fiscal year results, and also provide expectations for the 2017 fiscal year.
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Despite these failures, there was a rise of approximately 3 percent in the share price of Tiffany, as observed on Friday. Tiffany also forecast cash from operating activities of $575 million and free cash flow of $125 million. For additional information, please visit www.tiffany.com or call our shareholder information line at 800-TIF-0110. He was promoted to president two years later, and to CEO two years after that.
5, the same day Tiffany ran its first-ever Super Bowl commercial (see story), the jeweler shared that Mr. Cumenal will be replaced as CEO. Because of continued decreasing revenues and their financial results, the company is facing struggles.
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NHL All-Star weekend 2017: Schedule of events
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Feb 06 2017