Tiffany is losing three male board members, including its chairman, and adding a woman, and there could be some more changes as Alessandro Bogliolo develops his strategy for the company.
Annie Young-Scrivner, chief executive officer of Godiva Chocolatier, is set to join the board as other longtime members depart. Charles Marquis, an adviser to Investcorp International Inc. and a former lawyer, is retiring after more than 30 years on Tiffany’s board, as is Gary Costley, the former ceo of International Multifoods Corp., who joined the Tiffany board in 2007.
Michael Kowalski is leaving as well; he served as ceo of Tiffany from 1999 until 2015, adding the chairman’s title in 2002, and acted as interim ceo after the company abruptly parted ways with Frederic Cumenal last year. Roger Farah, co-ceo of Tory Burch between 2014 and 2017, succeeded Kowalski as chairman, after being elected in October.
With the addition of Young-Scrivner, Tiffany will have three women on its now 10-member board. The other two are Rose Marie Bravo, former ceo of Burberry, and Abby Kohnstamm, executive vice president and chief marketing officer of Pitney Bowes Inc.
In a Friday letter to shareholders, Bogliolo, who took on the ceo role in October after about four years as the head of Diesel, said he’s spent the last six months immersing himself in the company, visiting 70 stores “in all regions” and speaking with the board and employees across the company. He said he’s “impressed with the strengths of the brand.”
He added that while Tiffany’s recent financials have shown signs of improvement, “we will not be satisfied until we are achieving sustainable financial performance that is truly representative of the greatness of our brand.”
“Going forward, we will be communicating the key attributes of the brand through various media, in order to be most relevant to a wide audience, both geographically and demographically, accelerating the pace of product innovation, and ensuring that customers enjoy the experience of shopping in our stores and online,” Bogliolo wrote. “We are managing our business with a long-term strategic perspective.”
To that end, the Tiffany management and the board are focused on evolving the company’s branding, “enhancing” the store experience with renovations while integrating online and off-line modes of shopping, which will see Tiffany combine web, catalogue and store sales in its comparable store numbers for the first time, and cultivate “more efficient” operations.
“Throughout its 180-year history, Tiffany has adapted to and evolved with the changing desires of many generations, while always remaining true to its heritage and brand integrity,” Bogliolo wrote. “I believe that, with clear strategic direction and effective execution, Tiffany’s future is very bright.”
For More, See: