Resignation from Tiffany

Resignation from Tiffany. It is not the title of a movie sequel, but it concerns the farewell of the chief financial officer Patrick McGuinness from the prestigious New York fashion house. The CFO is the one who, in essence, guards the safe, that is, the finances of the company. McGuinness announced his resignation effective November 27, to “seek work elsewhere”. The manager will leave the company after 23 years of service: he was appointed senior vice president and CFP in June 2011, after having held numerous management positions in the company since 1990. James Fernandez will act as interim CFO until a replacement for McGuiness is found. Tiffany will pay McGuiness a bonus of $900,000. The farewell of the top manager does not seem to be related to the company’s results: in the second quarter of 2013, Tiffany’s net worldwide sales rose by 4%, to $926 million. Some malicious people wanted to connect the resignation with the case of Ingrid Lederhaas-Okun, vice president for product development of the Manhattan company until last February, who, taking advantage of her privileged access, allegedly stole jewelry worth 1.3 million dollars. But obviously the company has not commented on the matter.