Tiffany & Co. has some financial issues that made the CEO resign. Frederic Cumenal is reported to depart immediately from the company.
According to Mail Online, Cumenal joined Tiffany & Co. in 2011. He is a French businessman and became the chief executive officer of the company in 2015. In the meantime, the previous CEO of the company and board of directors Michael Kowalski will do the job while searching for a replacement of Cumenal.
Kowalski shares that Cumenal has helped in the success of Tiffany & Co. in his term. However, he has been disappointed with the financial issues that the company is recently going through. It is indicated in the same report that the sales of the company are lower than expected during the holidays.
Eastern Daily News reports that the sales of Tiffany & Co. had a significant drop during Cumenal's time. The sales also have been disrupted by Trump's living in the Trump Tower. President Donald Trump lived in the Trump Tower before being inaugurated as president.
The announcement of the financial challenges undergone by Tiffany & Co. comes right after the Super Bowl commercial. The new ad features Lady Gaga and is an ad that showcases the collection of jewelry. The jewelry line is called Tiffany HardWear.
Meanwhile, the new ad from Tiffany & Co. that features Lady Gaga was aired during the Super Bowl 51 halftime according to a report in Yahoo. This is the company's firs ad for a Super Bowl. This shows Lady Gaga introducing the company's latest jewelry collection.
In the meantime, Cumenal's reign included an extension of Tiffany & Co. to other countries. It has opened stores in Asia and Europe and also in Champs-Elysees. This happens to be Cumenal's native France.
Lady Gaga has done a great performance in the Super Bowl 51 halftime. She also did a stunning ad for Tiffany & Co.
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