Tiffany drops CEO

Weak holiday sales and disappointing financial results have Tiffany & Co. looking to change things up. Credit: Rexness (CC BY-SA 2.0)

Luxury jeweler Tiffany & Co. announced the replacement of CEO Frederic Cumenal after disappointing financial results. Cumenal, who has held the position since April 2015, is being replaced by chairman and former CEO Michael Kowalski in the interim. The shuffling in the executive office comes just three weeks after the company's top designer left and not long after the reporting of weak holiday sales. (Bloomberg)