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More C-suite changes are afoot at Tiffany.
The luxury jeweller appointed three new directors to its board on Tuesday in a deal with activist investor Jana Partners, which together with Francesco Trapani owns a 5.1 per cent stake in the company.
Tiffany said Roger Farah, co-CEO at retailer Tory Burch, James Lillie, former CEO at Jarden Corporation, sold to Newell Brands last year, and Mr Trapani, former CEO at Bulgari, will all join Tiffany’s board no later than March 6.
With the three new additions, Tiffany’s board will increase to 13 members.
“These three new directors are all accomplished executives with a broad range of relevant experience and skills that will benefit all shareholders as we focus on accelerating the execution of our core business strategies,” Michael J. Kowalski, chairman of the board, said.
“We also believe the strength of our Board will be an asset in our ongoing CEO search process.”
The news comes weeks after the retailer announced the abrupt departure of its chief executive Frederic Cumenal after disappointing financial results. Mr Trapani will also join the search committee formed to oversee a search for Mr Cumenal’s replacement.
Mr Kowalski will also step down as chairman an “appropriate period” after Tiffany names its new CEO.
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