Tiffany & Co. shares drop as chief steps down
The company’s board said it “has been disappointed by recent financial results,” and its chairman would serve as interim CEO.
Michael J. Kowalski, the company’s chairman of the board, will serve as interim chief. In a statement, he made it sound like Cumenal had been fired:
The board is committed to our current core business strategies, but has been disappointed by recent financial results. 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 timing of the announcement—given on Super Bowl Sunday—was interesting, because the game’s halftime performer, Lady Gaga, was set to become the face of the brand’s latest campaign.
Tiffany & Co. even bought its first Super Bowl commercial, which featured the performer.
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