By Michelle Graff
Tiffany&Co. CEO Michael Kowalski will retire next spring. He will be replaced by the company’s current president, Frederic Cumenal.
New York--Tiffany & Co. announced Monday that longtime leader Michael Kowalski, who joined the company 31 years ago and has been CEO since 1999, will retire in March 2015.

The company’s board of directors has named Frederic Cumenal, currently the president of Tiffany, to replace him, effective April 1, 2015.

Kowalski will continue to serve on the board of directors, of which has been a member since 1995, as non-executive chairman.

He started at the New York-based retailer in 1983 and was appointed to the role of CEO in 1999. Commenting Monday on his retirement, he said, “I am immensely satisfied by what we have accomplished at Tiffany over the past 30 years, and I am confident that the company is superbly positioned for the future. Frederic Cumenal is ideally suited to succeed me as chief executive officer, and we will continue to work closely together to ensure a seamless transition. I look forward to continuing in the role of chairman of the board.”

Cumenal, meanwhile, has been at Tiffany since 2011, when he joined as executive vice president responsible for worldwide sales and distribution. He was promoted to president last year, and his role was expanded to include the design, merchandising and marketing functions. He then also was appointed to the board of directors.

RELATED CONTENT: Tiffany’s longtime CFO to retire this summer

The news of Kowalski’s exit comes on the heels of the announcement that Chief Financial Officer and Chief Operating Officer James Fernandez, who has been with the company for 30 years, will retire this month. 

Ralph Nicoletti will be the company’s new CFO. 

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 the CEO. 

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