Connect with us

Headlines

Tiffany Names 3 New Board Members

mm

Published

on

One of the former CEO of Bulgari.

Tiffany & Co. has three new board members, including the former CEO of Bulgari.

Tiffany & Co. and JANA Partners LLC, which together with Francesco Trapani owns about 5.1 percent of Tiffany’s outstanding shares, announced that Roger Farah, James Lillie and Trapani, will be appointed, effective no later than March 6. With the additions, the board size grows to 13 members from 10.

In addition, Trapani will join the board’s nominating and corporate governance committee and the search committee formed to oversee the search for a new CEO. The search committee is being assisted by a leading executive search firm.

The company announced earlier this month Frederic Cumenal was stepping down as CEO, effective immediately.

Farah, 64, has served as co-CEO and as a member of the board of Tory Burch LLC since September 2014. He has over 40 years of experience in the lifestyle products and retailing sectors. Farah was a member of the board of Ralph Lauren Corp. from 2000 to 2014, where he also served as president and chief operating officer from 2000 to 2013 and as executive vice chairman from November 2013 to May 2014.

Lillie, 55, is the former CEO of Jarden Corp. He has over 20 years of experience in the consumer products sector. Lillie held senior positions at Jarden from August 2003 through the sale of the company to Newell Brands in April 2016, including as chief operating officer immediately prior to assuming the role of CEO.

Advertisement

Trapani, 59, is the former CEO of Bulgari. He has over three decades of experience in the luxury retail sector. From 1984 until 2011, Trapani led Bulgari, including in connection with the company’s listing on the Italian Stock Exchange, creation of Bulgari Hotels & Resorts and acquisition by LVMH in 2011. From 2011 to 2014, Trapani served as chairman and CEO of the LVMH Watches and Jewelry Division.

“We are excited to be adding such distinguished directors to our Board as part of our ongoing process to refresh the Board, and we are pleased to have worked cooperatively with JANA Partners to have met our objective,” said Michael J. Kowalski, chairman of the board and interim CEO. “These three new directors are all accomplished executives with a broad range of relevant experience and skills that will benefit all shareholders as we focus on accelerating the execution of our core business strategies. We also believe the strength of our Board will be an asset in our ongoing CEO search process. I look forward to completing that process and welcoming our new CEO to our Board and, after an appropriate period, I anticipate being able to relinquish my responsibilities as Chairman to a successor.”

In connection with the appointments, Tiffany has entered into cooperation agreements with JANA Partners and Trapani. Under the agreements, Tiffany will nominate Farah, Lillie and Trapani for election to the board at the company’s 2017 shareholders meeting. JANA Partners and Trapani have agreed to “customary standstill and voting commitments,” accordin to a press release.

“Additionally, pursuant to these agreements, JANA Partners and Mr. Trapani are committed to be independent of each other going forward,” the release stated.

Barry Rosenstein, managing partner of JANA Partners, said, “We are very pleased to have worked constructively with Tiffany & Co. to appoint Roger, James and Francesco to the Board. Their fresh perspective and unique insight will be invaluable as the Board keeps working to improve performance and create shareholder value.”

Advertisement

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | Sollberger’s

Going Out of Business Is an Emotional Journey. Wilkerson Is There to Make It Easier.

Jaki Cowan, the owner of Sollberger’s in Ridgeland, MS, decided the time was right to close up shop. The experience, she says, was like going into the great unknown. There were so many questions about the way to handle the store’s going-out-of-business sale. Luckily for Cowan, Wilkerson made the transition easier and managed everything, from marketing to markdowns.

“They think of everything that you don’t have the time to think of,” she says of the Wilkerson team that was assigned to manage the sale. And it was a total success, with financial goals met by Christmas with another sale month left to go.

Wilkerson even had a plan to manage things while Covid-19 restrictions were still in place. This included limiting the number of shoppers, masking and taking temperatures upon entrance. “We did everything we could to make the staff and public feel as safe as possible.”

Does she recommend Wilkerson to other retailers thinking of retiring, liquidating or selling excess merchandise? Absolutely. “If you are considering going out of business, it’s obviously an emotional journey. But truly rest assured that you’re in good hands with Wilkerson.”

Promoted Headlines

Most Popular