Tiffany & Co is sliding as its CEO resigns

Darnell ReidFeb 07, 2017

Tiffany & Co. (NYSE: TIF) said its Chief Executive Officer Frederic Cumenal will step down as the company cited disappointing financial results on Sunday.

"Management attributed the lower sales to local customer spending, with a decline in USA sales exacerbated by a 14% decline at the company's flagship store on Fifth Avenue in NY, which we attribute at least partly to post-election traffic disruptions", a statement said.

The company's chairman and former CEO, Michael Kowalski, will replace Cumenal on an interim basis while it searches for an appropriate successor.

Tiffany Chief Executive Frederic Cumenal has abruptly left the high-end jeweler, ending a two-and-a-half-year stint at the helm that ended with a lackluster holiday season.

The resignation came amid a time of plummeting sales for the brand. The Board believes that accelerating execution of those strategies is necessary to compete more effectively in today's global luxury market and improve performance.

The board "has been disappointed by recent financial results", said Kowalski in the statement. In its IPO paperwork, however, Snap disclosed astounding revenue growth last year-a whopping seven times higher than the $58.66 million-figure in 2015-although those gains were outstripped by operating losses, and company officials said they "may never achieve or maintain profitability".

Despite these failures, there was a rise of approximately 3 percent in the share price of Tiffany, as observed on Friday. The company is dedicated to enhance the experiences of all its customers, increase the rate at which new innovations and products will be introduced, optimize their strategies for storing the network and affectivity on the marketing.

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