Tiffany & Co. (NYSE: TIF) is shifting and expanding responsibilities for two executive vice presidents, Beth Canavan and Frederic Cumenal.
Mr. Cumenal, 53, joined Tiffany in March 2011 from the LVMH Group. He has been responsible for Tiffany’s businesses in Asia, Japan, Europe and Emerging Markets. Effective immediately, Mr. Cumenal will expand his role to assume responsibility for all of Tiffany’s worldwide sales activities.
Ms. Canavan, 58, joined Tiffany in 1987 and through progressively greater responsibilities has headed the Americas region in recent years. She will now report to Mr. Cumenal who reports to Michael J. Kowalski, Tiffany’s chairman and chief executive officer.
Mr. Kowalski said, “Tiffany’s success in expanding its global reach over the years has been driven by a strong and experienced management team across various disciplines. As we pursue the significant growth opportunities ahead of us, it is now an appropriate time to unify the leadership of our global sales effort. Since joining us last year, Frederic Cumenal has done remarkable work to unite our sales efforts outside the Americas, which represent more than half of our worldwide sales. I believe Frederic is exceptionally well-suited to now integrate and lead Tiffany’s global sales activities.”He added, “I am equally excited that Beth Canavan has agreed to assume leadership of a new initiative in 2013, transitioning from her current responsibilities into a role that will focus on the continued growth of our high-end statement jewelry business through the development of a specialized selling organization. Beth has extraordinary sales management and customer development skills and is a natural choice to lead this important new initiative.” Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores in the Americas, Asia-Pacific, Japan, Europe and the United Arab Emirates, and also engages in direct selling through Internet, catalog and business gift operations. For more information, visit www.tiffany.com or call the shareholder information line at 800-TIF-0110.
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