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Posted in 2017 contender, Retail Trade | 0 comments

Tiffany & Co: Frederic Cumenal (CEO)

Tiffany & Co: Frederic Cumenal (CEO)

Why this is a big quit:

As of February, it doesn’t look like Frederic Cumenal will be having breakfast at Tiffany’s anytime soon. Or any meal at Tiffany’s. Cumenal exited as CEO of the luxury jewelry and specialty retailer, Tiffany & Co. in stunning fashion. The announcement came on Super Bowl Sunday just hours before they planned to showcase Lady Gaga as the face of their new jewelry line,  with their first ever Super Bowl commercial. Initially joining in 2011, Cumenal took the crown as Tiffany’s CEO in April of 2015 and led the company during a time of increasing challenges in the global luxury market. Michael J. Kowalski, chairman of Tiffany’s board directors and previous CEO, will serve as interim CEO.

 

Why this is not as big as the top 10:

While the CEO of the treasured jewelry retailer seemed like a likely candidate for the top 10 given the caché that comes with Tiffany & Co., it was a hard sell given the sales slump endured by the company. In his short tenure, Tiffany saw disappointing financial results. While the holidays are generally lush with trademark (literally) light blue boxes draped in white ribbons, the 2016 holiday sales were not as kind as in years past. Perhaps a reboot of the 1961 classic will help get Tiffany’s back on the public’s table.

Citations

[1] https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/sites/anthonydemarco/2017/02/05/frederic-cumenal-steps-down-as-tiffany-ceo/&refURL=&referrer=#293fcb40727b

[2] https://www.usatoday.com/story/money/2017/02/05/tiffany-ceo-frederic-cumenal-steps-down-amid-disappointing-results/97527966/