Tiffany & Co. has announced that its CEO, Michael J. Kowalski, will retire from his position in 2015.
Frederic Cumenal, current president, will replace him, effective April 1, 2015.
Kowalski has been with Tiffany since 1983 and was named CEO in 1999. He has been a member of the board of directors since 1995 and will retain the position of chairman, which he assumed in 2003.
Cumenal joined Tiffany in 2011 as executive vice president, focusing on sales and distribution. He was promoted to president in 2013.
“I am immensely satisfied by what we have accomplished at Tiffany over the past 30 years, and I am confident that the company is superbly positioned for the future,” said Kowalski in a statement. “Frederic Cumenal is ideally suited to succeed me as chief executive officer, and we will continue to work closely together to ensure a seamless transition. I look forward to continuing in the role of chairman of the board.”
Mr. Cumenal added, “This is an extraordinary company with a fantastic heritage and an exciting future. I am deeply honored to be selected as its leader and look forward enthusiastically to capitalizing on the many opportunities ahead.”