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 fired:
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.
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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 company’s shares. Reuters reported:
Tiffany & Co is down 2.46% at $78.49 after Frederic Cumenal stepped down as chief executive officer on Sunday.
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