NEW YORK (AP) — Tiffany & Co. CEO Michael J. Kowalski will retire from the luxury jeweler next year.
The retailer, known for its little blue boxes, said Monday that its board has tapped Frederic Cumenal, who currently serves as president, to succeed Kowalski as CEO.
The 62-year-old Kowalski has served as CEO of the New York company since 1999 and became chairman in 2003.
Kowalski's retirement from the CEO post is effective on March 31, 2015, with the 54-year-old Cumenal set to take over the role the next day. Kowalski will continue to serve on Tiffany's board, becoming non-executive chairman.
Shares of Tiffany fell 18 cents to $99.50 in morning trading. Its shares are up more than 7 percent so far this year through Friday's close.