Pamela H. Cloud (pictured), currently Tiffany’ & Co.’s senior vice president and chief merchandising officer, will be leaving the company as part of a plan to better align the retailer’s merchandising and marketing, according to an 8-K the company filed Nov. 18 with the Securities and Exchange Commission (SEC).
She has been with the company since 1994, starting as a watch buyer, according to her profile on LinkedIn. She was first appointed senior vice and president and chief merchandising officer in February 2018.
Tiffany wants to replace her with an executive vice president, chief brand officer. This new role is expected to be filled by an external candidate, according to the SEC filing.
“The business will benefit from having the merchandising and marketing functions aligned under one leader, who will be a soon to be named chief brand officer,” said an internal memo from chief executive officer Alessandro Bogliolo, obtained by WWD. “This new organizational structure is intended to foster more agile and aligned brand strategy work as it relates to both product and marketing.”
Until the new chief brand officer is chosen, all the senior merchandising officers, who formerly reported to Cloud, will report directly to Bogliolo.
Cloud’s official departure date is July 31, 2020, though effective Nov. 26, she will no longer be an officer of the company. After that, she will work on transitioning her responsibilities and providing advice and expertise. She will also do work on a “project-by-project” basis as may be requested by Bogliolo, the filing said.
The news comes as Tiffany’s board of directors is considering a proposal from luxury conglomerate LVMH to buy the retailer for $120 a share. Reports from earlier this month said that the board felt that number was too low but was willing to entertain a higher offer.
At press time, Tiffany’s stock was trading at $123 a share.
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