Tiffany CEO resigns after sales drop

Posted online February 6, 2017 | 12:44 pm

The CEO of Tiffany has resigned following disappointing financial results.

Frederic Cumenal will be temporarily replaced by Michael Kowalski, the company’s board chairman and former CEO.

Cumenal’s resignation comes weeks after Tiffany’s flagship Fifth Avenue store in New York City posted a 14 percent drop in holiday sales. The store accounts for 10 percent of the company’s overall sales.

Read more from CNNMoney.

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