Tiffany
& Co on Sunday said Frederic Cumenal has stepped down as chief executive
officer, after what the upscale jeweler called disappointing financial results.
The retailer
said its chairman and previous chief executive, Michael Kowalski, would serve
as interim CEO while the board of directors seeks a new CEO. Kowalski will
continue as Chairman.
"The
Board is committed to our current core business strategies, but has been
disappointed by recent financial results," Kowalski said in a release.
He said the
company remains focused on "enhancing the customer experience, increasing
the rate of new product introductions and innovation, maximizing marketing
effectiveness, ... all while efficiently managing our capital and costs."
The company
also affirmed its fiscal year 2016 guidance, laid out in its January 17 sales
news release.
The company
said in January that its sales during the November-December holiday period were
"somewhat lower" than it had expected, hurt by lower consumer
spending and a drop in sales at its flagship store in New York.
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.
(Business
Insider)
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