LONDON, UK / ACCESSWIRE / September 25, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Tiffany & Co. (NYSE: TIF), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=TIF. The Company announced on September 22, 2017, that the Company's Board of Directors has elected Roger Farah as Chairman, effective October 02, 2017. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Part of the Shake-Up
Farah joined Tiffany's Board in March 2017. The appointment of Roger Farah can be considered as part of a management shake-up to revitalize sales at Tiffany, and pushed by activist investor Jana Partners, which together with Francesco Trapani, owns approximately 5.1% of the Company.
On February 21, 2017, Tiffany and Jana Partners LLC announced agreements pursuant to which Tiffany will appoint three new Independent Directors to its Board of Directors: (i) Roger Farah, (ii) James Lillie, and (iii) Francesco Trapani, effective no later than March 06, 2017.
On July 13, 2017, Tiffany announced that its Board of Directors had unanimously named Alessandro Bogliolo as the Company's next Chief Executive Officer (CEO). He is expected to assume the role by October 02, 2017, and upon joining the Company, will also join the Board of Directors.
Bogliolo, 52, is a veteran luxury industry executive who previously served for 16 years at Bulgari SpA, including in the roles of Chief Operating Officer (COO) and Executive Vice President, Jewelry, Watches & Accessories. Most recently, he has served as the CEO of global apparel and accessories Company Diesel SpA, where he has led the Company's efforts to revitalize its brand and enhance customer experience.
About Roger Farah
Roger N. Farah, 64, has served as the Co-CEO and as a member of the Board of Tory Burch LLC since September 2014. Farah has over 40 years of experience in the lifestyle products and retailing sectors. He was a member of the Board of Ralph Lauren Corp. from 2000 to 2014, where he also served as President and COO from 2000 to 2013 and as Executive Vice Chairman from November 2013 to May 2014. Farah holds a B.S. in Economics from the University of Pennsylvania, Wharton School of Business.
Farah will replace Michael J. Kowalski who has been Chairman since 2002. Kowalski joined the Board in 1995 and will remain a Director. In addition, Kowalski, who has been CEO from 1999 until his retirement in March 2015, and Interim CEO since February 2017, will relinquish that title when the Company's newly-appointed CEO, Alessandro Bogliolo, joins the Company in October.
"Roger has significant experience as a leader in the luxury retail industry, and I and my fellow Directors value tremendously his expertise and insight which have been apparent during his time on the Board. With the appointment of Alessandro as our new CEO, and under Roger's leadership on the Board, I believe we are well positioned to execute on strategies to drive comparable store sales growth and stronger earnings growth in the longer-term."
About Tiffany & Co.
Tiffany is an internationally-renowned jeweler founded in New York in 1837. Through its subsidiaries, Tiffany manufactures products and operates TIFFANY & CO. retail stores worldwide, and also engages in direct selling through Internet, catalogs, and business gift operations.
Last Close Stock Review
At the closing bell, on Friday, September 22, 2017, Tiffany's stock dropped 2.24%, ending the trading session at $87.84. A total volume of 2.94 million shares have exchanged hands, which was higher than the 3-month average volume of 1.54 million shares. The Company's stock price surged 20.64% in the previous twelve months. Moreover, the stock rallied 13.44% since the start of the year. The stock is trading at a PE ratio of 23.80 and has a dividend yield of 2.28%. The stock currently has a market cap of $11.01 billion.
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