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Luxury Veterans Join Tiffany Board
Feb 22, 2017 2:50 AM
By Rapaport News
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RAPAPORT...  Tiffany & Co. has added former executives from Ralph
Lauren Corporation and Bulgari to its expanded board, as the jewelry retailer
undergoes a series of senior personnel changes.
Roger Farah, a former chief operating officer of Ralph
Lauren, will become an independent director at Tiffany, alongside Francesco
Trapani, who was CEO of Bulgari during its takeover by LVMH Moët
Hennessy Louis Vuitton in 2011. Trapani was also chairman and CEO of LVMH’s
watches and jewelry division from 2011 to 2014.
Joining the duo on the Tiffany board will be James Lillie, who
was CEO of Jarden Corporation until its sale to Newell Brands in April 2016.
Tiffany chairman Michael Kowalski also indicated he was
planning to step down in due course.
“I anticipate being able to relinquish my responsibilities
as chairman to a successor,” Kowalski said.
The appointments, which will go into effect by March 6, are part of an agreement
between Tiffany and hedge fund JANA Partners, which together
with Trapani owns about 5.1 percent of the retailer’s shares. The
move will increase the board’s size to 13
members, Tiffany said.
The announcement comes less than
three weeks after Frederic Cumenal stepped down as Tiffany’s CEO. The refreshed
board will help the company in its search for a successor, according to
Kowalski, who has been serving as interim CEO since Cumenal’s resignation.
Trapani will also join the committee overseeing the CEO search.
“I look forward to completing that process and welcoming our
new CEO to our board,” Kowalski added. “These three new directors are all
accomplished executives with a broad range of relevant experience and skills
that will benefit all shareholders as we focus on accelerating the execution of
our core business strategies.”
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Tags:
appointments, Bulgari, Francesco Trapani, Frederic Cumenal, James Lillie, JANA Partners, Jarden Corporation, Jewelry, LVMH, LVMH Moët Hennessy Louis Vuitton, Michael Kowalski, Newell Brands, Ralph Lauren, Rapaport News, retail, Roger Farah, Tiffany, Tiffany & CO.
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