Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Tiffany & Co. is naming three new directors to its board as part of a deal with hedge fund JANA Partners as it continues to search for a new CEO.
Frederic Cumenal stepped down as CEO earlier this month amid concerns about the jewelry company's financial performance. Michael Kowalski, chairman of the board of directors and previous CEO of Tiffany, is serving in the interim.
Under the deal with JANA Partners, the company will add Roger Farah, James Lillie and Francesco Trapani to its board, increasing the size to 13 members.
Trapani is the former CEO of Bulgari and will join Tiffany's CEO search committee. Trapani and JANA own about 5.1 percent of Tiffany's outstanding shares.
Shares of Tiffany climbed $2.28, or 2.6 percent, to $88.49 in Tuesday morning trading.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
