Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
MajorsFeb 24, 2017
Tiffany & Co. Board Gets an Overhaul
The jeweler has added three retail veterans to its board while announcing that three current directors won’t be up for re-election in 2017 and 2018.
An aerial shot of Tiffany & Co.’s store on Wall Street in New York City. The jeweler announced this week that it is adding three retail veterans to its board of directors, one of whom spent 27 years as CEO of Bulgari.
New York--Grappling with sliding sales and on the hunt for a new leader, Tiffany & Co. has struck a deal with activist investor Jana Partners LLC to appoint three new directors to its board.
Former Bulgari CEO Francesco Trapani joins Roger Farah and James Lillie on the board, which is expanding from 10 to 13. Their appointments will be effective no later than March 6.
Founded in 2001 by Barry Rosenstein, Jana Partners is an investment firm that sinks money into “companies undergoing or expected to undergo change.” Together with Trapani, they now own about 5 percent of Tiffany’s outstanding stock.
Trapani also is joining the search committee formed by the board to replace recently resigned CEO Frederic Cumenal, as well as the board’s nominating and corporate governance committee, Tiffany said.
Former Tiffany CEO and current board Chairman Michael Kowalski is acting as interim CEO while the jeweler searches for a permanent replacement for Cumenal.
Trapani, 59, spent 27 years at the helm of Bulgari, from 1984 until its acquisition by LVMH in 2011. When LVMH acquired the brand, he became chairman and CEO of LVMH’s watches and jewelry division.
Farah, 64, is the co-CEO and a board member of Tory Burch LLC, and he has more than 40 years of experience in the lifestyle products and retailing sectors.
Lillie, 55, is the former CEO of Jarden Corp., a consumer products company that owned brands like Yankee Candle, Sunbeam, Mr. Coffee and Coleman. He has more than 20 years of experience in consumer products.
Both Trapani and Lillie were at the head of their respective companies when they were acquired-- Trapani’s Bulgari by LVMH and Lillie’s Jarden Corp. by Newell Rubbermaid--reigniting talk that Tiffany could be the takeover target of a luxury conglomerate like LVMH, Kering or Richemont.
In the same press release announcing the additions to its board, Tiffany also said it now will be “limiting” waivers of the retirement age provisions in its governance documents.
This means that in accordance with the company’s mandatory retirement age (74), there will be one director who won’t stand for re-election this year and two who won’t in 2018.
Tiffany did not specify which board members would be retiring but, according to the company’s website, these are the three oldest board members: Peter May, 73; Charles Marquis, 73; and Gary Costley, 72.
Tiffany’s Vice President of Investor Relations Mark Aaron said he cannot say at this time if these
three board seats will be filled.
More on Majors
The Latest
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as HoneyInspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.
Weekly QuizJul 10, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry DesignThe brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb JewelerGoldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
Events & AwardsJul 10, 2025
IAC Gold and Diamond Conference Returns to NYC Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.
SurveysJul 09, 2025
Jewelry Stays Strong as Luxury Market Slows, Bain & Co. Says Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.
Supplier BulletinJul 09, 2025
JCK Unwrapped: Trends, Insights & Post-Show TipsSponsored by Rio Grande Jewelry Supply
CollectionsJul 09, 2025
Cece Jewellery’s New Fruit Jewels Celebrate Life’s SweetnessThe “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.
EditorsJul 09, 2025
The Most-Read Stories of 2025, So FarDiamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.
SourcingJul 09, 2025
Florida Couple Finds 3-Carat Diamond in ArkansasThey discovered “The Dash Diamond,” named for their dog, at the Crater of Diamonds State Park earlier this month.
CollectionsJul 08, 2025
Mikimoto’s High Jewelry Collection Turns Pearls into PetalsThe “Les Pétales” collection imagines roses caught mid-bloom as a tribute to nature’s beauty.
ColumnistsJul 08, 2025
Peter Smith: Why Jewelers Struggle With Premium PricingLuxury brands charge thousands for their shoes and handbags. Jewelers pricing diamond products should take note, Peter Smith writes.
IndependentsJul 08, 2025
David Rotenberg of David Craig Jewelers Dies at 79Rotenberg was an active member of the American Gem Society and an accomplished appraiser who also worked with therapy dogs at a hospital.
TechnologyJul 08, 2025
‘Diamond Divas’ Brings the Showroom to Social Media Reality SeriesIt follows New York-based brand Shahla Karimi Jewelry’s all-women team in “Say Yes to the Dress” meets “The Office”-style episodes.
Policies & IssuesJul 08, 2025
SMO Gold Launches New FoundationIn its inaugural year, the SMO Foundation will focus on supporting two organizations in West Africa and one in South America.
Policies & IssuesJul 07, 2025
Higher Tariffs Set to Take Effect Aug. 1, Officials SayThe announcement comes just as the 90-day freeze on the “reciprocal” tariffs nears its end, giving countries more time to negotiate.
SourcingJul 07, 2025
Natural Diamond Council CEO David Kellie To Step DownKellie, who joined the organization in 2019, will remain in his role through the end of 2025.
CrimeJul 07, 2025
7 Suspects Charged in California Jewelry Store BurglaryPolice officers apprehended the suspects as they were allegedly attempting to gain entry into another jewelry store.
Events & AwardsJul 07, 2025
Applications Open for Ella Klein Internship The program, a collaboration between Julius Klein Diamonds and the Women’s Jewelry Association, is in its second year.
Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
MajorsJul 03, 2025
Muse Sets Up Shop in Nordstrom’s New Jewelry HallThe West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.
SourcingJul 03, 2025
SRK Announces Its Natural Diamonds Are Now Carbon-NegativeThis past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.
