Tiffany&Co CEO steps down amid poor financial reports
Frederic Cumenal, the CEO of luxury retailer Tiffany & Co. has stepped down amid concerns about the company’s financial performance.
The New York-based retailer announced Sunday that Frederic Cumenal’s departure is effective immediately and the search has begun for a successor. Cumenal joined Tiffany in 2011 and was named its chief executive officer in April 2015.
Michael Kowalski, chairman of the board of directors and previous CEO of Tiffany, will serve in the interim.
The company in November reported better-than-expected quarterly profit and revenue. But in January, it said that holiday sales were lower than it anticipated.