Tiffany CEO Michael Kowalski to retire in 2015

Tiffany & Co announced yesterday that its long-standing CEO, Michael Kowalski, will retire from the company at the end of March 2015, to be replaced by current president Frederic Cumenal.

Kowalski, 62, joined Tiffany in 1983 and has been a member of the company’s board of directors since 1995. He became CEO in 1999 and also became chairman of the board in 2003. He will continue to serve on the board in the role of non-executive chairman.

Cumenal, 54, joined Tiffany in 2011 as executive vice president with responsibilities for worldwide sales and distribution. In 2013, his responsibilities were expanded to include the design, merchandising and marketing functions, and he was promoted to president and appointed to the board.

Kowalski said: “I am immensely satisfied by what we have accomplished at Tiffany over the past 30 years, and I am confident that the company is superbly positioned for the future. Frederic Cumenal is ideally suited to succeed me as chief executive officer, and we will continue to work closely together to ensure a seamless transition. I look forward to continuing in the role of chairman of the board.”

Cumenal added: “This is an extraordinary company with a fantastic heritage and an exciting future. I am deeply honoured to be selected as its leader and look forward enthusiastically to capitalising on the many opportunities ahead.”

Tiffany operates retail stores in the Americas, Asia-Pacific, Japan, Europe, the United Arab Emirates and Russia, and engages in direct selling through internet, catalogue and business gift operations.

Image: (from left to right) Kowalski, outgoing CEO, and Cumenal, current president and Kowalski’s successor