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UPDATE 1-Tiffany names Roger Farah as chairman in latest management shakeup
September 21, 2017 / 10:04 PM / 3 months ago

UPDATE 1-Tiffany names Roger Farah as chairman in latest management shakeup

(Adds details, background)

Sept 21 (Reuters) - Luxury jeweler Tiffany & Co on Thursday named Roger Farah as chairman, the latest management shakeup where outsiders have been brought in to give the iconic company a new look.

Farah, 64, was one of the three directors that Tiffany had agreed to add to its board, bowing to pressure from activist investor Jana Partners in February.

Jana is Tiffany’s third-largest shareholder with a 4.47 percent stake, according to Thomson Reuters data.

In July, Tiffany named former Bulgari SpA executive Alessandro Bogliolo to its top job.

Tiffany’s move to target younger customers has been paying off. The company, known for its solitaire engagement rings, posted better-than-expected sales and profit in the latest reported quarter helped by demand for bracelets, necklaces and branded jewelry.

Farah replaces Michael Kowalski who will remain with the company as a director.

Farah has previously worked at Ralph Lauren Corp and was the co-chief executive of luxury brand Tory Burch. (Reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta)

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