In a stunning announcement Tiffany & Co. said that Frederic Cumenal, has “stepped down” as its chief executive officer, effective immediately. Michael J. Kowalski, chairman of the Tiffany’s board of directors and previous CEO, will serve as interim CEO while the company works with an executive search firm to finds a successor. He initially joined Tiffany in March 2011 as an executive vice president with responsibilities for sales and distribution. “On behalf of the entire Board of Directors, I would like to thank Frederic Cumenal for his contributions to Tiffany,” Kowalski said. “At a time of continuing challenges in the global luxury market, Frederic has enhanced the management team and taken important steps to position Tiffany for success in the long term.

Source: Forbes February 05, 2017 22:49 UTC