Tiffany & Co. announced it would appoint three new independent directors to join its board of directors, making a total of 13 members. Roger Farah, James Lillie and Francesco Trapani will join the board as part of an agreement between Tiffany and stakeholders Jana Partners. “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,” says Chairman Michael Kowalski. Kowalski is the interim CEO of Tiffany, as earlier this month Frederic Cumenal announced he would step down from this post. This decision was made following Cumenal’s inability to turn around Tiffany’s dropping sales figures since he had taken over in April 2015.
The seasoned and accomplished executives each bring with them a broad range of experience and skills which will be beneficial in their role. Roger Farah has over 40 years of experience in the lifestyle products and retailing sectors, most recently serving as Co-CEO and member of the board of Tory Burch. James Lillie has over 20 years of experience in the consumer products sector, and formerly served as the CEO at Jarden Corporation. The third and final new executive is Francesco Trapani is the former CEO at Bulgari and has over three decades of experience in the luxury retail sector. The executives will join the board’s nominating committee as they continue their search for the company’s new CEO.