Tiffany Draws Fire for Board Stacked With 70-ish White Men
- Union-affiliated investor calls for female, minority directors
- Retailer has been trying to reach more millennial customers
A set of diamond rings sits on display in a window of Tiffany & Co. store in New York on January 7, 2003. Tiffany & Co., the largest U.S. luxury jewelry retailer, reduced its fourth-quarter profit forecast after holiday-season sales were less than expected in the U.S. and in Japan, its two largest markets.
Photographer: Daniel Acker/Bloomberg NewsTiffany & Co., the luxury-jewelry company that’s suffering from declining sales, is now facing criticism for a board marked by long tenures and a lack of diversity.
CtW Investment Group, a union-affiliated firm that often takes up corporate-governance issues, is calling on the New York-based company to consider more women and minority candidates. In a letter due to be sent to Tiffany Chairman Michael Kowalski on Friday, the investor also knocked the jewelry chain for having directors who have overstayed their welcome.