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Tiffany’s longtime CFO to retire this summer
Tiffany & Co. announced Wednesday that the company’s Chief Financial Officer and Chief Operating Officer James Fernandez, who has been with the company for 30 years, will retire in July.
He has been the CFO since Patrick McGuiness resigned from the position last November, and also served as CFO from 1989 to 2011. He has served as COO since 2011.
After Fernandez’s retirement, the title of COO will be eliminated. John Petterson, senior vice president of global operations and customer service, and Andrew Hart, senior vice president of manufacturing, diamonds and gemstones, will both report directly to chairman and CEO Michael Kowalski.
“Jim Fernandez has made enormous contributions to Tiffany's financial success and global expansion over the past three decades,” Kowalski said. “In addition to his extraordinary leadership of the financial and information technology organizations at Tiffany, Jim also played a critical role in building a world-class distribution, manufacturing, and diamond-sourcing infrastructure. I, along with all my Tiffany colleagues, will be forever grateful for Jim’s immense contributions to the company’s success, his always wise counsel, and his enduring friendship.”
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Concurrently, the Tiffany also has announced that Ralph Nicoletti has been named as executive vice president and chief financial officer, effective April 2.
He will be based in New York, and will be responsible for Tiffany’s worldwide financial functions and information technology. He also will report to Kowalski.
Nicoletti joins the company from health services and insurance company Cigna, where he was executive vice president and CFO.
Prior to that, he served as executive vice president and CFO at Alberto Culver, a manufacturer and marketer of personal care and household brands, as well as various financial management positions at Kraft Foods.
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