July 22, 2014
Tiffany & Co.’s long-standing chief executive officer (CEO) Michael J. Kowalski is retiring.
Kowalski, who has been a member of the company’s board of directors since 1995, will continue to serve on the board in the role of non-executive chair. He will be succeeded as CEO by Frederic Cumenal, who currently serves as the company’s president. Kowalski steps down March 31, 2015, and Cumenal takes over April 1.
“I am immensely satisfied by what we have accomplished at Tiffany over the past 30 years, and I am confident the company is superbly positioned for the future,” Kowalski said.
“Frederic Cumenal is ideally suited to succeed me as chief executive officer, and we will continue to work closely together to ensure a seamless transition. I look forward to continuing in the role of [board chair].”
Kowalski, 62, joined Tiffany in 1983 and became chief executive officer in 1999. He assumed the role of chair in 2003.
Cumenal, 54, joined Tiffany in 2011 as executive vice-president and was responsible for worldwide sales and distribution. In 2013, his responsibilities were expanded to include design, merchandising, and marketing functions. He was soon promoted to president and appointed to Tiffany’s board of directors.
“This is an extraordinary company with a fantastic heritage and an exciting future,” Cumenal said. “I am deeply honoured to be selected as its leader and look forward enthusiastically to capitalizing on the many opportunities ahead.”
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