Tiffany said in a press release on Sunday afternoon that its CEO Frederic Cumenal has stepped down, effective immediately. The company's board will search for a permanent replacement, but Michael Kowalski will lead the company on an interim basis.
Kowalski is the current chairman of the board and previous CEO.
The company's press release didn't offer any specifics as to the why Cumenal will be leaving the company, but it did note that the board has been "disappointed" with the recent financial performance.
Tiffany did, however, reaffirm its fiscal 2017 financial guidance detailed on January 17.
"We remain focused on enhancing the customer experience, increasing the rate of new product introductions and innovation, maximizing marketing effectiveness, optimizing the store network, and improving our business operations and processes, all while efficiently managing our capital and costs," Kowalski noted. "We believe these initiatives and the pace of their execution are key to driving shareholder value. Tiffany is an iconic brand with a family of talented and committed employees to match, and I look forward to supporting both during the transition."
Super Bowl Relation
Tiffany's CEO change was made official hours before a notable company milestone was set to occur.
Tiffany aired a commercial during the Super Bowl that marks not only its first ever advertisement in the big game but its first TV commercial in two decades.
The commercial stars Lady Gaga and is part of a new advertising campaign called "Legendary Style."
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