Tiffany & Co. announced the departure of CEO Frederic Cumenal, hours before a new ad campaign was unveiled with the company's first Super Bowl commercial.
The famed jewelry chain's struggles have including lower than anticipated holiday sales.
Cumenal, through his own prepared statement, thanked Tiffany's executive team and its employees, while voicing strong confidence in the brand, its strategic direction and its people.
The famed luxury retailer - which has five standalone stores in London, two at Heathrow airport and concessions with Selfridges and Harrods - confirmed yesterday that Frederic Cumenal will be replaced with chairman Michael Kowalski on an interim basis until a permanent replacement is found.
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Tiffany aired a Super Bowl ad with halftime performer Lady Gaga during a tumultuous time in its history.
The resignation came amid a time of plummeting sales for the brand. Tiffany's board of directors said while it is committed to its current core business strategies, it has been "disappointed" by recent financial results. While the company reported a better-than-expected quarterly profit in November, it revealed in January that its ongoing decline in sales had particularly affected its holiday performance. The company is dedicated to enhance the experiences of all its customers, increase the rate at which new innovations and products will be introduced, optimize their strategies for storing the network and affectivity on the marketing.
Cumenal joined Tiffany in 2011 after holding a series of senior leadership posts at Louis Vuitton parent company LVMH Group, including his last post there as president and chief executive of Moët & Chandon.
Tiffany, which saw a 2% slump in its share price Monday, will report fourth-quarter earnings results on March 17 and expects a mid-single digit profit decline.