Tiffany Posts Disappointing Results, CEO Steps Down

Tiffany & Co. Main Location

The New York company said Mr. Cumenal, who has run the company for the last two years, will be replaced, effective immediately, by his predecessor, company Chairman Michael Kowalski.

Kowalski is also keeping the responsibilities as chairman said the Tiffany prepared statement. The Board of Directors has commenced a search to recruit a successor in which it will be assisted by a leading executive search firm. "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".

"The Board is committed to our current core business strategies, but has been disappointed by recent financial results", Kowalski 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. 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. Under Cumenal's watch, the company was affected by a decline in tourist spending caused by a strong USA dollar, weak sales during the December holiday season and a falling stock price.

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Tiffany shares dropped as much as 2.91 percent to $78.12 in the early trading in NY.

Cumenal began his career in 2011 with Tiffany after he held a number of posts in senior leadership with LVMH Group, which culminated with him being the CEO and president at Moet & Chandon.

Tiffany also reaffirmed its fiscal 2016 guidance, which it outlined in a January 17 press release announcing its holiday sales.

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