Feb. 6 (UPI) — Tiffany & Co. announced the departure of CEO Frederic Cumenal, hours before a new ad campaign was unveiled with the company’s first Super Bowl commercial.
Michael Kowalksi, 64, Tiffany board chairman and former CEO, will serve as interim CEO, a statement said Sunday. Cumenal, 57, has led the company since his April 2015 appointment.
The shake-up came after the departure, three weeks ago, of Tiffany design director Francesca Amfitheatrof, and the arrival in October of Mark Erceg as chief financial officer. Under Cumenal’s watch, the company was affected by a decline in tourist spending caused by a strong U.S. dollar, weak sales during the December holiday season and a falling stock price. Its flagship store, on Fifth Avenue in New York City and adjacent to Trump Tower, also suffered sales declines caused by strengthened security on the street.
Tiffany shares declined 6.6 percent during Cumenal’s tenure.
The announcement was made prior to the company’s first television commercial featuring pop icon Lady Gaga, who was hired to be the face of Tiffany’s jewelry collection, and to reinforce the company’s relevance to younger customers.
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