Tiffany CEO exits after poor holiday sales

In the meantime, former CEO Michael J. Kowalski will serve as interim CEO in addition to his role as chairman of the board.

Kowalski will also keep his chairman responsibilities, Tiffany & Co said.

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On Feb. 5, Tiffany announced the immediate departure of its CEO Frederic Cumenal after less than two years in the role. The company at that time said its holiday season results were lower than expected, hurt by declines in Europe and the Americas as well as security-related disruptions at its NY flagship store next to Trump Tower.

In a statement issued yesterday, Kowalski thanked Cumenal for enhancing the management team and positioning the retailer for the long term. "The board believes that accelerating execution of [our current core business] strategies is necessary to compete more effectively in today's global luxury market and improve performance".

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It therefore covers about half the economy, whereas official data on services published with more of a lag covers nearly 80%. Output prices also continued to rise with the rate of increase unchanged from December's 68-month high.

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. Gap's (GPS) struggling Banana Republic brand saw the ouster of its president earlier this year after disappointing holiday sales, and Macy's (M) is said to be considering strategic alternatives - including a possible sale to Canadian department-store owner Hudson's Bay.

Cumenal's resignation comes weeks after the company reported that sales at its iconic Fifth Avenue store in New York City dropped 14% during the holiday season, compared to a year ago.

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A diamond may last forever, but many a CEO's days are numbered.

(Copyright © 2015. All Rights Reserved.)
 
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