CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
MajorsFeb 24, 2017
Tiffany & Co. Board Gets an Overhaul
The jeweler has added three retail veterans to its board while announcing that three current directors won’t be up for re-election in 2017 and 2018.
An aerial shot of Tiffany & Co.’s store on Wall Street in New York City. The jeweler announced this week that it is adding three retail veterans to its board of directors, one of whom spent 27 years as CEO of Bulgari.
New York--Grappling with sliding sales and on the hunt for a new leader, Tiffany & Co. has struck a deal with activist investor Jana Partners LLC to appoint three new directors to its board.
Former Bulgari CEO Francesco Trapani joins Roger Farah and James Lillie on the board, which is expanding from 10 to 13. Their appointments will be effective no later than March 6.
Founded in 2001 by Barry Rosenstein, Jana Partners is an investment firm that sinks money into “companies undergoing or expected to undergo change.” Together with Trapani, they now own about 5 percent of Tiffany’s outstanding stock.
Trapani also is joining the search committee formed by the board to replace recently resigned CEO Frederic Cumenal, as well as the board’s nominating and corporate governance committee, Tiffany said.
Former Tiffany CEO and current board Chairman Michael Kowalski is acting as interim CEO while the jeweler searches for a permanent replacement for Cumenal.
Trapani, 59, spent 27 years at the helm of Bulgari, from 1984 until its acquisition by LVMH in 2011. When LVMH acquired the brand, he became chairman and CEO of LVMH’s watches and jewelry division.
Farah, 64, is the co-CEO and a board member of Tory Burch LLC, and he has more than 40 years of experience in the lifestyle products and retailing sectors.
Lillie, 55, is the former CEO of Jarden Corp., a consumer products company that owned brands like Yankee Candle, Sunbeam, Mr. Coffee and Coleman. He has more than 20 years of experience in consumer products.
Both Trapani and Lillie were at the head of their respective companies when they were acquired-- Trapani’s Bulgari by LVMH and Lillie’s Jarden Corp. by Newell Rubbermaid--reigniting talk that Tiffany could be the takeover target of a luxury conglomerate like LVMH, Kering or Richemont.
In the same press release announcing the additions to its board, Tiffany also said it now will be “limiting” waivers of the retirement age provisions in its governance documents.
This means that in accordance with the company’s mandatory retirement age (74), there will be one director who won’t stand for re-election this year and two who won’t in 2018.
Tiffany did not specify which board members would be retiring but, according to the company’s website, these are the three oldest board members: Peter May, 73; Charles Marquis, 73; and Gary Costley, 72.
Tiffany’s Vice President of Investor Relations Mark Aaron said he cannot say at this time if these
three board seats will be filled.
More on Majors
The Latest
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
MajorsApr 16, 2024
Loudr Adds 2 DirectorsEmily Highet Morgan and Emily Bennett have joined the agency’s team.
MajorsApr 16, 2024
Stuller Releases First Lab-Grown Diamond Jewelry CatalogIts updated book for mountings is also now available.
SourcingApr 16, 2024
Karen Rentmeesters Takes Over as Interim CEO of AWDCShe has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
TechnologyApr 15, 2024
Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move ForwardJoyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
IndependentsApr 15, 2024
Alfred W. DeScenza of DeScenza Diamonds Dies at 95He is remembered by loved ones for his loyalty, integrity, and kindness.
AuctionsApr 15, 2024
Madeleine K. Albright Jewelry, Pins Coming to AuctionHosted by Freeman’s | Hindman, the sale will take place May 7-8.
AuctionsApr 15, 2024
All of Sotheby’s ‘Rough Diamonds’ Sold in Less Than an HourThe auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
Events & AwardsApr 15, 2024
10 Can’t-Miss Sessions at AGS Conclave 2024From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
Recorded WebinarsApr 12, 2024
Watch: What Jewelers Need to Know About InsuranceFrom cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
CollectionsApr 12, 2024
Piece of the Week: Lionheart’s Evil Eye Gemstone CharmThe charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
