LVMH cleaned out the executive suite of Tiffany & Co. after it took over the company Thursday, appointing a new CEO and dismissing two high-profile recruits.
Perhaps not surprisingly, the new appointees are LVMH insiders, including a son of its chairman.
Anthony Ledru (pictured), who up until now had been executive vice president, global commercial activities, at LVMH-owned Louis Vuitton, has been immediately appointed Tiffany’s new CEO. He is also a Tiffany veteran, having served as senior vice president of North America from June 2013 to December 2014.
Prior to that, he worked at Cartier and Harry Winston, according to his LinkedIn profile.
He replaces current CEO Alessandro Bogliolo, who has headed the company since 2017 and will remain with the company to facilitate the transition through the end of January.
Ledru is the company’s fourth CEO since 2015, the year that its longtime leader, Michael Kowalski, retired. Kowalski briefly returned as interim head in 2017.
Alexandre Arnault, formerly the CEO of LVMH-owned luggage brand Rimowa, will become Tiffany’s executive vice president, product and communications.
He is the son of LVMH founder and chairman Bernard Arnault, and he has also worked at consulting firm McKinsey & Company, and at private equity firm KKR.
Michael Burke, the chairman and CEO of Louis Vuitton, will become chairman of Tiffany’s board of directors.
The company is also saying goodbye to chief artistic officer Reed Krakoff and Daniella Vitale, executive vice president and chief brand officer.
Vitale, the former CEO of Barneys, joined Tiffany in November 2019, after Tiffany initially agreed to be acquired by LVMH.
Krakoff, the former president and executive creative director of Coach, first joined Tiffany in 2017. He is the first person to hold the title of chief artistic officer at Tiffany, though he was widely seen as a replacement for its then-design director Francesca Amfitheatrof.
Since 2018, Amfitheatrof has served as artistic director for jewelry and watches for Louis Vuitton.
While not included in LVMH’s Thursday announcement, Tiffany confirmed a WWD report that Mark Erceg, executive vice president and chief financial officer, is also leaving. He has been with the company since 2016.
Image credit: Cyrille Jerusalmi (Photo courtesy of LVMH)Follow JCK on Instagram: @jckmagazine
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