Tiffany has added three new independent directors to its board as it bows to pressure from activist investor Jana Partners. The jeweler on Tuesday said that Roger Farah, James Lillie and Francesco Trapani would be joining the board no later than March 6, increasing the board's size to 13 from 10 members.
Jana Partners together with Francesco Trapani own approximately 5.1% of Tiffany.
Farah is the co-CEO of Tory Burch and former long-time CEO of Polo Ralph Lauren (RL - Get Report) . Lillie is the former CEO of Jarden Corp., which has since been sold to Newell Rubbermaid (NWL - Get Report) , and Trapani is the former CEO of luxury house Bulgari. He has also served as chairman and CEO of LVMH's (LVMUY) Watches and Jewelry Division.
Trapani will join the board's nominating and search committee and lead a committee specially formed to search for a new CEO.
Earlier this month the jeweler ousted its CEO Frederic Cumenal. Former CEO Michael J. Kowalski has served as interim CEO in addition to his role as chairman of the board since Cumenal stepped down on Feb. 6.
"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," Kowalski said in a statement.
"We also believe the strength of our board will be an asset in our ongoing CEO search process. I look forward to completing that process and welcoming our new CEO to our board and, after an appropriate period, I anticipate being able to relinquish my responsibilities as chairman to a successor," he added.
Tiffany stock closed at $86.18 on Friday before the long weekend.