Tiffany’s top management has changed: Michael J. Kowalski, CEO of the American jewelry giant, will step down on March 31, 2015, after 16 years at the company, and will be replaced by the current president, Frederic Cumenal. The company has not explained the reasons, but emphasizes that Kowalski, who joined the company in 1983 and has been CEO since 1999, will remain on the board as non-executive chairman. “I am very pleased with what we have achieved at Tiffany over the past 30 years and am confident that the company is well positioned for the future,” said Kowalski, adding that Cumenal is the ideal person to succeed him. The latter emphasizes that Tiffany is a company with a fantastic heritage and a promising future: “It is an honor to be chosen as the leader and I look forward to taking advantage of all the opportunities that await us.” In short, everyone is happy and content. Also because the most famous jewelry company in the world is doing great: Tiffany closed the first quarter of the year with a net profit of 126 million dollars (+50%). Worldwide sales increased by 13% (1 billion dollars). Tiffany operates 292 stores worldwide: 121 in America, 72 in the Asia-Pacific area, 55 in Japan, 38 in Europe, 5 in the United Arab Emirates and 1 in Russia.
