Patrick McGuiness to leave company on November 27 after 23 years.
Tiffany & Co.’s chief financial officer Patrick McGuiness has announced his resignation as of November 27 in order to "seek employment elsewhere".
The announcement was made in a regulatory filing submitted by the company on November 15. McGuiness will leave the company after 23 years of service. He was appointed senior vice president and CFO in June 2011, having held a number of management positions at Tiffany since 1990.
It is understood that Tiffany chief operating office James Fernandez will act as interim CFO until McGuiness’ replacement has been found.
Tiffany is set to pay McGuiness $899,000 (£554,903) severance and a portion of the bonus he would have received for the fiscal year ending January 31, 2014.
The US brand will release its Q3 financial report on November 26, the day before McGuiness’ departure.