Mar 02, 2017 09:19 AM EST
Jewelry retailer Tiffany & Co.'s chief executive officer, Frederic Cumenal, has stepped down on Feb. 5 with Michael J. Kowalski to act as interim CEO. The decision came after the luxury brand reported disappointing financial results while acknowledging Cumenal's contribution.
Tiffany & Co.'s Board of Directors has started efforts to search for a new CEO and will be assisted by a leading executive search firm to achieve its recruiting endeavors.
Kowalski, acting as interim CEO while continuing as Tiffany & Co. chairman, expressed his gratitude towards Cumenal in enhancing the management team alongside taking necessary steps to position the company for success in the long term. He noted Cumenal did all of those at a time of continuing challenges in the global luxury market.
Kowalski believed that accelerating Tiffany & Co. business strategies is important to compete in the industry and improve performance.
"As such, 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," he stated.
Cumenal, on the other hand, took pride in Tiffany's accomplishment and thanked the employees he has worked with all over the world. He displayed confidence in reaffirming Tiffany's strategic direction and hoped for its many exciting opportunities that will come. Meanwhile, just weeks after the Tiffany & Co. CEO stepped down, the company announced on Feb. 21 the appointment of three new independent directors to its Board.
Tiffany & Co. will have Roger Farah, James Lillie and Trapani on its Board no later than March 6. The company also said it will limit waivers under the retirement age provisions. As such, one current director will not stand for reelection at this year's Annual Meeting of Stockholders and two current directors will not stand for reelection in the next year. Kowalski said the three new directors are all accomplished executives with proven track records that will benefit Tiffany & Co. as it focuses on accelerating its business strategies.
The meal delivery company has expanded beyond Britain to 13 other markets, including Australia, France, Hong Kong and Kuwait
The University of Portsmouth is helping its students build a strong personal brand to increase their confidence and enhance their employability.
When it comes to pitching business ideas to potential investors, an entrepreneur's excitement and enthusiasm can be the difference between dreams taking shape or ultimately falling flat.
What is a social media firm worth? Following how retail investors pay attention to company tickers is one piece of the puzzle. In a new study published in International Journal of Economics and Finance, a finance scholar from Michigan Technological University delves into the pricing behavior of social media firms. The study found that investors pay attention to social media stocks over other company stocks.
President Trump on Friday announced the first concrete deal with China to come out of nearly three months of trade talks - a deal to prevent currency manipulation.
Europe's largest economy offered mixed signals on Friday that suggest it's down but not out.
New research finds that despite regulations, CEOs control information release and may do so for their own financial gain
Normally, it's good to believe in yourself. But research from Indiana University's Kelley School of Business indicates that it can be bad advice for amateurs investing online in unregulated, sometimes risky, equity crowdfunded ventures.