Tiffany's Names Roger Farah as Chairman of the Board
Luxury jeweler Tiffany & Co. has named Roger Farah as chairman of its board of directors, the latest management shakeup where outsiders have been brought in to give the iconic company a new vision.
Farah was one of three directors that Tiffany agreed to add to its board. The pressure to add new board members came from activist investor Jana Partners, Tiffany’s third-largest shareholder with a 4.47 percent stake. In July, Tiffany named former Bulgari SpA executive Alessandro Bogliolo as its new CEO.
Farah replaces Michael Kowalski, who was Tiffany’s CEO from 1999 until his retirement in March 2015, and served as interim CEO since February 2017. Kowalski will remain with the company as a director. Farah has previously held executive positions with Ralph Lauren Corp., R.H. Macy & Co. and, most recently, was the co-chief executive of luxury brand Tory Burch from September 2014 till March 2017.
“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,” Kowalski said in a statement. “With the appointment of Alessandro as our new CEO, and under Roger’s leadership on the board, I believe we're well positioned to execute on strategies to drive comparable store sales growth and stronger earnings growth in the longer term.”