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Tiffany Elects New Board Member, Increases Quarterly Dividend

By JCK Staff
Posted on May 17, 2012
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Tiffany & Co. announced that its stockholders elected Robert S. Singer to its board of directors.

Singer, 60, has held a variety of senior level corporate positions including chief financial officer of Gucci Group NV. He will chair the board’s audit committee and replaces J. Thomas Presby, who reached the mandatory retirement age. Singer joins eight incumbent directors who were reelected.

“Bob Singer is a valuable addition to our board, bringing his global perspective about luxury retailing and his expertise in the field of auditing. We express our thanks and appreciation to Tom Presby for the years of guidance and many insights that he contributed to our board,” Tiffany chairman and CEO Michael J. Kowalski said in a statement.

The company's board of directors also declared a dividend of $0.32 per share of common stock, reflecting a 10 increase in the quarterly rate. The action increases the quarterly dividend from $0.29 per share—or $1.16 annually—to a new rate of $0.32 per share—or $1.28 per share annually.

“This latest action marks the 11th dividend increase in the past 10 years,” added Kowalski.

The dividend will be paid on July 10 to stockholders of record as of June 20. Future dividends are subject to declaration by the directors.

Tiffany’s stockholders also approved the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm to audit the company’s consolidated financial statements for the fiscal year ending Jan. 31, 2013.

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