Skip to content

Tiffany Abruptly Drops CEO in Luxury Industry’s Latest Shake-Up

  • Jeweler’s board cites disappointing financial results
  • Former CEO Michael Kowalski will retake the job temporarily
Jewelry is displayed in the window of a Tiffany & Co. store on Fifth Avenue in New York, U.S., on Wednesday, March 18, 2015. Tiffany is scheduled to report fourth-quarter earnings before the open of U.S. financial markets on March 20.
Photographer: Victor J. Blue/Bloomberg
Updated on

Tiffany & Co. abruptly replaced Chief Executive Officer Frederic Cumenal after disappointing financial results, just hours before the jewelry chain introduced a new campaign with the first Super Bowl ad in its history.

Cumenal, 57, who had run the company since April 2015, is being succeeded on an interim basis by chairman and former CEO Michael Kowalski, Tiffany said on Sunday afternoon. The shake-up follows the departure of the jeweler’s top designer three weeks ago and weak holiday sales that sent the stock tumbling.