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RAPAPORT... Michael J. Kowalski, the CEO of Tiffany & Co., intends to retire on March 31, 2015. Kowalski, who has been a member of the company's board since 1995, will continue to serve as a non-executive chairman. The board has named Frederic Cumenal, currently the company's president, to succeed Kowalski as CEO on April 1. Kowalski, 62, joined Tiffany in 1983 and became CEO in 1999. 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 Tiffany's 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 said, "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."
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