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.
