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Tiffany & Co taps Alessandro Bogliolo as chief executive

Tiffany & Co taps Alessandro Bogliolo as chief executive”

The US jeweler Tiffany & Co said it has named Alessandro Bogliolo, the current CEO of Italian fashion group Diesel and former senior execuive with Italian jeweler Bulgari, as its chief executive.

Former CEO Frederic Cumenal was ousted by the board five months ago following a series of disappointing results.

Alessandro Bogliolo will take the reins October 2, the company said Thursday.

Bogliolo, 52, hails from the Italian luxury jewelry house, Bulgari, and was most recently chief executive of Diesel SpA, an Italian apparel and accessories company. He is a veteran of the luxury jewelry sector, previously spending 16 years at Bulgari, where he worked as chief operating officer and executive vice president for jewelry, watches and accessories.

In a research note, Jefferies analyst Randal Konik said that the "new CEO appointment is a strong fit", pointing out that Mr. Bogliolo revitalized Diesel by improving the customer experience, something that Tiffany is trying to do at its 310 retail stores.

Tiffany's stock rose 1.5 percent, to $94.04, on Thursday. They have recovered from a low of $60 in June 2016.

Following his departure and amid sagging sales, an activist investor, Jana Partners, took a stake in the company.

Tiffany & Co. has found its next chief executive.

Though Jana's precise plan for the company is not yet clear, its agreement with Tiffany included Trapani being part of the CEO search committee.



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