Tiffany & Co. appoint Ralph Lauren veteran as chairman
Luxury jeweler Tiffany & Co. has appointed a new chairman: Ralph Lauren veteran Roger Farah. Mr. Farah, it is hoped, will be a safe pair of hands that can steer Tiffany towards revitalized growth. He will occupy his new role as of October 2, and his predecessor, Michael Kowalski, will remain a director of the company. Farah was championed as a board director earlier this year, thanks to the intervention of activist investor Jana Partners LLC, which hold a stake in Tiffany.
Tiffany’s share price is up 24% over the last 12 months
SOURCE: Yahoo Finance
This is Kowalski’s second stepping-down of the year. He has been the company’s chairman since 2002, acted as CEO between 1999 and 2015, and then picked up the CEO role again this year on an interim basis. Eventually, Diesel’s Alessandro Bogliolo succeeded him in that role. Kowalski said in a statement:
“With the appointment of Alessandro as our new CEO, and under Roger’s leadership on the board, I believe we are well positioned.”
Tiffany’s has been experimenting with more innovative products in an attempt to revive footfall in store. These management changes are an accompanying shake-up: can the company reinvent itself for the Millennial consumer?
Dominion holds Tiffany & Co. in its Global Trends Luxury Fund.
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