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Tiffany says CEO Frederic Cumenal steps down

In a stunning announcement Tiffany & Co. said Sunday that Frederic Cumenal, has “stepped down” as its chief executive officer, effective immediately. Michael J. Kowalski, chairman of the Tiffany’s board of directors and previous CEO, will serve as interim CEO while the company works with an executive search firm to find a successor. In a statement the company said the decision was based on disappointing financial results.

“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.”

SEE ALSO: Reed Krakoff named Tifanny & Co. Chief Artistic Officer

Perhaps more surprising than the announcement itself is the fact the luxury jewelry retailer chose Super Bowl Sunday to do it (just hours before kickoff). It plans to unveil Lady Gaga as the face of its new fashion jewelry collection, Tiffany HardWear, with its first ever Super Bowl commercial prior to her halftime performance. The company also creates the Vince Lombardi Trophy, presented to the Super Bowl champion, as well as the Pete Rozelle Trophy, presented to the Most Valuable Player of the Super Bowl.

(Source: Forbes)

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