Tiffany CEO Cumenal is out; chairman Kowalski becomes interim CEO

We don't expect disruption, as the CEO position will be temporarily filled by chairman of the board and former longtime CEO M. Kowalski.

Following Cumenal's departure, Mizuho reduced its investment call for Tiffany shares to Neutral from Buy and trimmed its price target by $16 to $74 a share, reportedly citing the company's "overly optimistic" call today sticking with its FY16 per-share earnings and revenue forecasts.

Cumenal joined Tiffany in March 2011 as executive vice president. The Board of Directors has commenced a search to recruit a successor in which it will be assisted by a leading executive search firm.

"The board is committed to our current core business strategies, but has been disappointed by recent financial results", Kowalski stated. "I have great confidence in Tiffany's brand, strategic direction and people, and I believe the Company will have many exciting opportunities in the future".

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Holiday sales, during the two months ending December 31, fell 4% year-over-year in the Americas, with a 14% decline at the flagship Tiffany store on Fifth Avenue.

"In New York, you're born knowing that Tiffany is the best, and that it is where the magic happens".

Sales fell in fiscal 2016, and Tiffany's guidance said they will fall in 2017 as well.

Last year, the company rolled out custom Snapchat filters at its locations, began work with celebrity endorsements - like Gaga - for the first time in its storied history, and said it planned to update product offerings more frequently to lure fast-fashion buyers as it pushed more of its lower priced silver jewelry.