CEO Frederic Cumenal Exits Tiffany & Co.

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Tiffany & Co. has confirmed that chief executive officer Frederic Cumenal will exit the brand, as chairman Michael Kowalski steps in as interim CEO as the board seeks a successor. Cumenal originally joined the jeweler in 2011 after 15 years at LVMH, and rose through the ranks quickly, becoming president and 2013 and then chief executive in 2015.

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"I am proud of what we have accomplished at Tiffany and would like to thank the management team and our many talented employees around the world with whom I have had the pleasure to work,” said Cumenal. “I have great confidence in Tiffany's brand, strategic direction and people, and I believe the company will have many exciting opportunities in the future."

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While last year’s Christmas season saw a fiscal improvement where net sales were up at $966 million, from 2015’s $961 million, the flagship store at New York City’s Fifth Avenue reportedly suffered a 14 percent decline while worldwide sales took a 2% dip.

The struggling jeweler faced some challenging years with the general slump of the luxury market, especially in the diamond sector, along with other factors including the strengthening dollar and China’s tightening laws in anti-corruption.

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