Tiffany & Co. Appoints Roger Farah as Chairman

The changes just keep coming at Tiffany & Co. — and this time the famed jeweler has tapped one of the most admired executives in fashion to help in its turnaround efforts. On Thursday, Tiffany named Roger Farah chairman, effective Oct. 2.
Farah assumes the role after six months of turmoil at the company, which has seen repeated declines in comparable store sales, as well as a change in designers and the ousting of its chief executive officer. Tiffany also has had to deal with activist investors, Jana Partners and former Bulgari ceo Francesco Trapani, who together own 5.1 percent of the firm.
Indeed, Farah’s appointment was part of a deal worked out with Jana in February when Trapani joined the board. At the time, current chairman Michael Kowalski, 65, said he expected in time to “relinquish my responsibilities as chairman to a successor.” Farah joined the Tiffany board a month later — presumably setting up the transition.
While Kowalski’s decision was said to be voluntary, there is no doubt Jana and Trapani are calling many of the shots at the struggling retailer. Kowalski ousted then-ceo Frederic Cumenal and its then-creative director Francesca Amfitheatrof, replacing her with former Coach creative director Reed Krakoff.

Follow WWD on Twitter or become a fan on Facebook.

Read More…

You must be logged in to post a comment Login