Science

Tiffany replaces CEO as Lady Gaga ad campaign rolls out

Tiffany replaces CEO as Lady Gaga ad campaign rolls out

Tiffany & Co is down 2.46% at $78.49 after Frederic Cumenal stepped down as chief executive officer on Sunday, Reuters reports.

On Feb. 5, Tiffany announced the immediate departure of its CEO Frederic Cumenal after less than two years in the role.

Following a disappointing quarter, Tiffany & Co. unexpectedly booted its CEO just before its first Super Bowl ad campaign. In the USA, same-store sales declined 4% from 2015 as the company saw fewer transactions from local customers and a 14% drop in sales at its New York Fifth Avenue flagship due to heavy police presence and traffic disruptions at Trump Tower following President Donald Trump's election.

Tiffany shares declined 6.6 percent during Cumenal's tenure.

Man arrested in strangling death of NYC jogger
Thursday marked six months since the day Ms Vetrano had been out jogging in black shorts and a sports top when she was attacked. When Vetrano failed to return home, her father, a retired firefighter, went looking for her with the help of police.

The resignation came amid a time of plummeting sales for the brand.

Tiffany said its board is "committed to our current core". The Board believes that accelerating execution of those strategies is necessary to compete more effectively in today's global luxury market and improve performance.

Although Tiffany said that sales during the holiday season were up 7% in its Asia-Pacific region and 16% for Japan, the increases were offset due to continued declines in Europe and the Americas, where some foreign visitors and tourists were reluctant to purchase because of the strong dollar. According to many reports, the company hit a tremendous blow when their sales went below the holiday sales they had anticipated.

Tiffany is the internationally renowned jeweler founded in NY in 1837. "As such, we remain focused on enhancing the customer experience, increasing the rate of new product introductions and innovation, maximizing marketing effectiveness, optimizing the store network, and improving our business operations and processes".


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