Current president Frederic Cumenal to succeed role in April 2015.
Tiffany & Co. has announced that its chief executive officer Michael J. Kowalski plans to retire from the business after more than 30 years.
The long-standing chief executive will step down from his role on March 31 2015. He will remain a member of the board of directors, serving as non-executive chairman.
Tiffany has named his successor as its current president Frederic Cumenal, who will being the role of chief executive officer on April 1 2015.
Kowalski, 62, joined Tiffany in 1983. He became a member of the board of directors in 1995 and chief executive officer in 1999. He later assumed the role of chairman of the board in 2003.
Kowalski said of his time with Tiffany: "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."
His successor Frederic Cumenal, 54, joined Tiffany in 2011 as executive vice president with responsibilities for worldwide sales and distribution. In 2013, his responsibilities were expanded to include the design, merchandising and marketing functions, and he was promoted to president and appointed to Tiffany’s board of directors.
Cumenal added: "This is an extraordinary company with a fantastic heritage and an exciting future. I am deeply honoured to be selected as its leader and look forward enthusiastically to capitalizing on the many opportunities ahead."
Tiffany’s most recent financials for Q1 2014 outlined 50% growth in net earnings, with sales across Europe rising 9% to $101 million (£59.8m) and worldwide net sales increasing 13%.
In total, Tiffany’s Q1 net sales rose 13% to $1bn (£592.62m) and store sales rose 11% year-on-year due to growth in most regions.