(Corrects paragraph 2 to say Farah is the current co-CEO of
Tory Burch, not former co-CEO)
By Michael Flaherty
Feb 21 Retailer Tiffany & Co on Tuesday
said it would appoint three independent directors to its board
in a deal with hedge fund JANA Partners LLC, less than three
weeks after the luxury jeweler's chief executive stepped down.
As part of the deal, one of the seats will go to Francesco
Trapani, the ex-CEO of luxury retailer Bulgari. Tiffany will
also add Roger Farah, co-chief executive of handbag maker Tory
Burch, and James Lillie, a former CEO of Jarden Corp, to its
Tiffany's board will increase to 13 seats from ten.
On Feb. 5, the company's chief executive stepped down after
reporting lower-than-forecast results. Its chairman and previous
CEO, Michael Kowalski, stepped in as interim chief executive
while the company searched for someone to fill the role.
The company said in January that its sales during the
November-December holiday period were "somewhat lower" than it
had expected, hurt by lower consumer spending and a drop in
sales at its flagship store in New York.
Tuesday's announcement said JANA and Trapani own 5.1 percent
of the company. JANA owns the majority of that position, a
person familiar with the matter said.
The deadline for Tiffany shareholders to nominate directors
for its board at the annual meeting is Feb. 25.
(Additional reporting by Siddharth Cavale in Bengaluru; Editing
by Saumyadeb Chakrabarty and W Simon)