Frederic Cumenal, Tiffany & Co’s chief executive officer, has stepped down with immediate effect.
Former CEO and current chairman, Michael Kowalski will take over as interim CEO, according to a statement released Sunday.
Cumenal has been in the role since April 2015, having previously acted as the company’s president.
With U.S. sales during the holiday season falling four per cent, Tiffany plans to remain focused on increasing the rate of new product introductions and optimizing store network.
“The board is committed to our current core business strategies, but has been disappointed by recent financial results,” Kowalski said. “The board believes that accelerating execution of those strategies is necessary to compete more effectively in today’s global luxury market and improve performance.”
Cumenal’s departure follows some recent senior appointments, with Reed Krakoff named chief artistic officer and Marc Erceg as chief financial officer.