Tiffany & Co.’s chief executive, Frederic Cumenal, is stepping down
from the company, effective immediately.
Michael J. Kowalski, the company’s chairman of the board, will serve as
interim chief. In a statement, he made it sound like Cumenal had been
The board is committed to our current core business strategies, but has
been disappointed by recent financial results. The board believes that
accelerating execution of those strategies is necessary to compete more
effectively in today’s global luxury market and improve performance.
13 musts for breaking bad news to employees.]
The timing of the announcement—given on Super Bowl Sunday—was interesting,
because the game’s halftime performer, Lady Gaga, was set to become the
face of the brand’s latest campaign.
Tiffany & Co. even bought its first Super Bowl commercial, which
featured the performer.
A company representative told
Forbes that the timing was “coincidental.”
Tiffany & Co. plans to work with an executive search firm to find
Cumenal’s replacement, but the announcement has already affected the
Tiffany & Co is down 2.46% at $78.49 after Frederic Cumenal stepped
down as chief executive officer on Sunday.