Tiffany’s long-standing CEO Michael J. Kowalski will retire from the company March 31, 2015. Kowalski, who has been a member of the company’s board of directors since 1995, will continue to serve as non-executive chairman.
The board has tapped Frederic Cumenal, currently the company’s president, as Kowalski’s successor; he will step up to the CEO role April 1, 2015.
Kowalski joined Tiffany in 1983, became CEO in 1999 and assumed the role of chairman of the board in 2003.
“I am immensely satisfied by what we have accomplished at Tiffany throughout the past 30 years, and I am confident that the company is superbly positioned for the future,” said Kowalski. “Frederic Cumenal is ideally suited to succeed me as CEO, 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 joined Tiffany in 2011 as EVP 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 Tiffany’s board of directors.
“This is an extraordinary company with a fantastic heritage and an exciting future. I am deeply honored to be selected as its leader and look forward enthusiastically to capitalizing on the many opportunities ahead,” said Cumenal.