Tiffany & Co. Chief Executive Officer Michael Kowalski has announced he will be stepping down and releasing the supremacies to President Frederic Cumenal. Kowalski has run the jewelry company for the last 15 years, but on April 1, 2015, he will be relinquishing his power and taking on the role of nonexecutive chairman, according to Bloomberg News.
Cumenal will become the new CEO after just four years of joining the company. Reuters reported that during September 2013, Cumenal was appointed to president and given a new position on the company board. His prompt success at Tiffany’s thus far looks to be a firm foundation for his upcoming position.
Cumenal’s past credentials are extensive, too, as he spent 15 years at LVMH Moet Hennessy Louis Vuitton as the president and CEO of Moet & Chandon, according to Reuters.
“I am immensely satisfied by what we have accomplished at Tiffany over the past 30 years, and I am confident that the company is superbly positioned for the future. 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 chairman of the Board,” Kowalski said, according to The Wall Street Journal.
The company has suffered a bit in the recent economic downturn, but Crain’s New York Business reported that Tiffany’s first-quarter earnings surpassed prior estimates. With the new CEO soon to be on board, the world’s second-largest luxury jewelry chain might just make an even greater name for itself.
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