Tiffany & Co. hired Canadian Pacific Railway Ltd.’s Mark Erceg as chief financial officer, adding an executive with global and consumer-brand experience to fill a recent vacancy.
Erceg, 47, succeeds Ralph Nicoletti, who left Tiffany in May to become CFO at Newell Brands Inc. Erceg, who held the same position at Canadian Pacific, starts on Oct. 18, New York-based Tiffany said Tuesday in a statement.
The hiring gives Tiffany an executive with global credentials from his time at Canadian Pacific and consumer-brand experience from 18 years in various positions at Procter & Gamble Co. At Tiffany, he’ll be responsible for the luxury jeweler’s global financial, indirect procurement and information technology functions.
Erceg’s “strong financial and operational background with broad International brands pairs well with the company’s strategic growth initiatives,” such as pursuing new collections while cutting down on inventory, said Betty Chen, an analyst at Mizuho Securities. She rates the stock a buy.
Tiffany rose as much as 2.5 percent to $70 Tuesday in New York. The shares had slid 10 percent this year through Monday.