Mark Erceg has been hired as the new CFO of Tiffany & Co., effective Oct. 18.

New York--Tiffany & Co. has hired Mark Erceg as its executive vice president and chief financial officer, effective Oct. 18.

Erceg will be based in New York and report to CEO Frederic Cumenal. He replaces former CFO Ralph Nicoletti, who left the company in May to pursue a position at Newell Brands Inc.

Erceg had been the CFO at Canadian Pacific Railway Ltd. since 2015 and, before that, was CFO for Masonite International Corporation for five years.

Prior to Masonite, he worked at The Proctor & Gamble Company for 18 years, where he held roles with responsibilities in finance, market strategy, customer response, general management and global investor relations.

Erceg joins the company at a time when sales continue to slip for the jeweler--comps and total sales were down for Tiffany in both the first and second quarters in a challenging retail environment with low consumer spending.

“Mark brings an operational process orientation and a broad financial, international and consumer brands background to Tiffany,” Cumenal said in a company statement announcing Erceg’s hiring. “As the new leader of our multi-talented finance, procurement and information technology organizations, his varied experience and global perspective will be important as we continue to work toward strengthening Tiffany’s luxury brand position around the world and enhancing our profitability and productivity.”

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