Richemont Names Joint CEOs to Replace Johann Rupert

Johann Rupert to step down as
executive chairman and CEO.

The Board of Compagnie Financière Richemont SA announced Friday that it has approved a number of senior management changes, culminating with a change at the top of the company’s management structure. The announcement came as the luxury goods conglomerate reported a 21 percent increase in sales and a 52 percent increase in profit for the first half of the fiscal year.

Bernard Fornas, currently Cartier CEO, and Richard Lepeu, currently Richemont deputy CEO, will become joint CEOs of Richemont on April 1, 2013, under a succession plan that begins to go into effect on Jan. 1, 2013.

As previously announced, Stanislas de Quercize, currently CEO of Van Cleef & Arpels, will succeed Fornas as CEO of Cartier on Jan. 1, 2013. On the same date, Fornas and Lepeu will be appointed as joint deputy CEOs, reporting to Johann Rupert, executive chairman and CEO.

Rupert returned to the role of Richemont CEO when Norbert Platt, who held the position, took early retirement due to ill health in 2010. Rupert will step down from that role on March 31, 2013.

The following day, Fornas and Lepeu will become joint CEOs. Fornas will oversee Richemont’s maisons while Lepeu will continue to oversee Richemont’s central functions. Fornas and Lepeu together with Gary Saage, CFO, will form a senior executive committee for Richemont.

In addition, the Board approved certain changes to Richemont’s Group Management Committee.

The following executives will join the Group Management Committee, effective immediately: Lutz Bethge, CEO of Montblanc; Hans-Peter Bichelmeier, Group Operations director; Stanislas de Quercize; Georges Kern, CEO of IWC Schaffhausen; Jérôme Lambert, CEO of Jaeger-LeCoultre; and Philippe Léopold-Metzger, CEO of Piaget.

The following executives will retain their responsibilities but, reflecting the changed role of the Group Management Committee, will resign from the committee by the end of the current financial year: Giampiero Bodino, Group art director; Alan Grieve, director of Corporate Affairs; Mr Eloy Michotte, corporate finance director; and Jan Rupert, executive director.

Richemont, based in Geneva, owns many of the world’s best-known luxury brands (called “maisons” by the company) including Cartier, Montblanc, Vacheron Constantin, Van Cleef & Arpels and Piaget. It also has wholesale businesses and owns the luxury retail website, Net-A-Porter.com. A list of its businesses can be found by following this link.

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Signet Jewelers CEO Mike Barnes Resigns; Replaced by Mark Light

Mike Barnes

Signet Jewelers Ltd. said Tuesday that Michael Barnes will resign from his position as chief executive officer and from Signet's board of directors, effective October 31, in order to be closer to his family in Dallas.

Mark Light, Signet's president and chief operating officer, has been named to succeed Barnes as CEO and take a seat on the board.

Signet said it is also reaffirming its financial guidance initiated in its second quarter earnings release on August 28.

Barnes joined Signet in December 2010 and became its CEO in January 2011, replacing Terry Burman, the company’s longtime CEO. Most recently he oversaw the $1.46 billion acquisition of Dallas-based Zale Corp., its largest US competitor, in May, making Signet the largest specialty jewelry retailer in the US, UK and Canada with approximately 3,500 retail outlets.

“Mike has been the leader of the Signet executive management team during a period of outstanding transformation and growth,” said Todd Stitzer, Signet chairman. “Since he joined Signet in 2010, Mike has been an instrumental part of Signet's success. He has played a critical role in Signet's recent acquisition of Zale Corp. and its continuing integration. He has also led the development of Signet's Vision 2020 Initiative for the future. We understand and respect his personal desire to relocate nearer to his family and pursue opportunities closer to his home in Dallas at this time.”

Signet is based in Bermuda and is listed on the NYSE. Its US subsidiary, Sterling Jewelers, with more than 1,400 stores in 50 states, is headquartered in Akron, Ohio. The company, in an SEC filing Tuesday, said it will pay Barnes accrued but unpaid benefits or obligations, his base salary for 12 additional months and an annual bonus at the end of the fiscal year.


Light has been with Signet for more than 30 years, with primary responsibility for the Sterling division, by far Sterling’s largest division, until the Zale Corp. acquisition.

“We are delighted to announce Mark’s promotion to chief executive officer of Signet,” Stitzer said. “Mark is an experienced, strategic leader who has been deeply involved in the company's Vision 2020 Strategy, the Zale acquisition and its ongoing integration. In addition he has a meticulous approach to operational details, and has been the main architect of our Sterling division's consistently profitable growth and has played a key role in defining and executing Signet's growth strategy. He has also been an advisor to our UK Managing Director since 2013 and became formally responsible for that business in mid-2014.”

Signet's Sterling division operates primarily under the brands of Kay Jewelers and Jared The Galleria Of Jewelry. Signet's UK division operates approximately 500 stores primarily under the name brands of H.Samuel and Ernest Jones. Signet's Zale division operates more than 1,600 locations in the US and Canada primarily under the name brands of Zales, People's, and Piercing Pagoda. The company also has online operations at www.kay.com, www.jared.com, www.hsamuel.co.uk, www.ernestjones.co.uk, www.zales.com, and www.peoplesjewellers.com.

Pandora Names Anders Colding Friis as CEO, Peder Tuborgh as Board Chair

Anders Colding Friis 

Danish jewelry company Pandora is going through another round of leadership changes as it plans to appoint a new CEO and board chairman in the coming months. 

The company said Thursday that it will name tobacco company executive Anders Colding Friis as its fifth CEO since the company went public in 2010. He will succeed current CEO Allan Leighton in March 2015. 

Allan Leighton

In addition, Pandora said it plans to make Peder Tuborgh chairman of its board of directors in October. He will replace Marcello Bottoli, who announced previously that he will step down due to other professional commitments. 

The Denmark-based company with manufacturing facilities in Thailand is known for its popular charm jewelry and other affordable jewelry pieces. It is also known for raising approximately $2.1 billion in its IPO in October 2010, for incredible sales growth during its first three quarters as a publicly traded company followed by a sudden approximate 65 percent decline in its stock price based on a company report that dramatically reduced its outlook. 

The company has experienced steady growth in sales and stock value since then but its top executive position continues to be in constant change. 

Peder Tuborgh

In this case it appears Leighton’s turn as CEO was planned as a temporary move. He was already chairman of the jewelry company when he replaced Bjørn Gulden as CEO in July 2013. Gulden accepted a position as CEO of athletic apparel company, Puma. Bottoli also served a stint as CEO during the company’s time of turmoil.

Friis, 51, is a Danish citizen and since 2006 has been the Group CEO of Scandinavian Tobacco Group, the world’s largest manufacturer of cigars and pipe tobacco. He also is chairman of Monberg & Thorsen, deputy chairman of IC Companys, board member of Topdanmark and Confederation of Danish Industry.

Marcello Bottoli

Leighton will step down from his role as CEO after reporting Pandora’s full year results for 2014. At the next annual general meeting, Leighton is expected to be named the company’s co-deputy chairman of the board.

Tuborgh, 51, is a Danish citizen who holds an MBA from Odense University and has held a series of management positions in Arla Foods, an international dairy company, before becoming group CEO in 2005. He is also deputy chairman of Aarhus University and board member of Royal Greenland.

“A managed succession at the top of the company, at a time when its performance and opportunities have never been stronger, has been a key objective for the board,” Bottoli said. “I am delighted with the result and to have been an active part of this.”

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Pandora Q2 Sales Down in Key Markets, Downgrades Outlook, CEO Resigns, Company Blames Price Increases and Poor Execution

Has the bubble burst for Pandora? The Danish company known for its charm jewelry announced the sudden resignation of its CEO, Mikkel Vendelin Olesen, effective immediately due to lower-than-expected growth, which the company blames on commodity price increases and “inadequate” execution.

“Although our price increases combined with some destocking are significant contributors to our slowdown in sales and profitability, our own inadequate operational sales, and marketing execution is as big a factor,” said Allan Leighton, Pandora board chairman.

Marcello Bottoli was named the interim CEO as the company, which experienced spectacular growth in recent years and a $2 billion IPO in October, 2010, seeks a permanent replacement.

“The re-set of our affordable luxury positioning, improved operational execution and restoring growth trajectory is now the focus of our company,” Pandora said in the same statement. “This re-set will take up to 18 months to see through. In addition, the company has instigated a strategic review to test or confirm certain elements of the company strategy.”

The announcement came following the early release of a condensed second quarter earnings report Tuesday that contained negative growth rates in its biggest markets and a downgraded outlook. The financial report was scheduled to be released August 16. No reason was given for the early release and the full report will still be issued on the expected date.

The company changed its outlook from expecting a revenue growth of no less than 30 percent for 2011 and an EBITDA margin of minimum 40 percent to 0 revenues and EBITDA margins in the low thirties for the year.

After the release of the financial report, Pandora stock fell a spectacular 65 percent, according to news reports.

Pandora reported that revenue increased 3.6 percent to 1.4 billion Danish kroner ($265.3 million). In the Americas, revenue increased 16.2 percent. However, sales in the U.S., its largest market, fell by 0.7 percent. The U.S. accounted for 39.2 percent of all sales during the period for Pandora.

In Europe it was even worse as sales declined 11.9 percent. The U.K. and Germany, its two largest markets in Europe, fell 13.1 percent and 20.1 percent, respectively. The U.K. accounted for 11.9 percent of all sales, down from 14.2 percent in the second quarter of 2010. Germany accounted for 8.5 percent total group sales, down from 11.1 percent in the second quarter of 2010.

The Asia-Pacific region increased 7.6 percent for the period. However, in Australia (another large market for Pandora), revenue was down 14.6 percent.

The company implemented price increases in all markets during the first quarter except in Australia where it increased prices in April 2011. Price increases in Germany were implemented at the end of first quarter. “Our price increases introduced during H1 2011 have had a significant negative impact on our volumes in the quarter,” the company said.

Other financial highlights include:

• EBITDA decreased by 6.2 percent to 512 million kroner ($97 million) resulting in an EBITDA margin of 36.8 percent compared to an EBITDA margin of 40.7 percent for the second quarter of 2010.

• EBIT decreased by 8.3 percent to 440 million kroner ($84 million) resulting in an EBIT margin of 31.6 percent compared to a EBIT margin of 35.7 percent in Q2 2010

• Reported net profit increased by 56.1 percent to 626 million kroner ($119.3 million), compared to a net profit of DKK 401 million kroner ($76.4 million) in the second quarter of 2010. Adjusted for revaluation of the CWE earn-out provision based on revised outlook for PANDORA CWE, second quarter net profit decreased by 17.7 percent to 330 million kroner ($62.9 million).

Blue Nile Chairman to Step Down As Company Posts 5th Consecutive Quarter of Double-Digit Growth

Blue Nile Starlight Diamond Eternity Ring in platinum

Blue Nile, Inc. said Thursday that year-over-year net sales increased 18.7 percent to $108 million for the second quarter ended June 30. Operating income for the quarter totaled $3.4 million, representing an operating margin of 3.2 percent of net sales. Net income totaled $2.2 million, or $0.17 per diluted share. It’s the fifth consecutive quarter of double-digit growth, the company said.

In addition, the Seattle-based online retailer that specializes in diamonds and diamond jewelry announced that its founder, Mark Vadon, will step down from his role as chairman and director of the board effective December 31. Blue Nile President and CEO Harvey Kanter will assume the role of chairman.

"Founding and being a part of Blue Nile for the past 14 years has been a great honor, and I am tremendously proud of the entire team for fostering our culture of innovation and obsession over each and every customer," Vadon said. "After working with Harvey and his leadership team over the last year and seeing the impressive growth trajectory of the business, the entire board and I feel confident passing the chairmanship to Harvey to continue to build a global consumer brand."

"Mark revolutionized the diamond industry and founded Blue Nile on the principle that there is a better way to buy diamonds and fine jewelry by offering unique online tools, high quality diamonds, and incredible values," Kanter added. "That is and will always be his legacy, and the company will continue to execute his vision."

Non-GAAP adjusted EBITDA for the quarter totaled $5.5 million. For the trailing 12-month period ended June 30, net cash provided by operating activities totaled $26.1 million compared to $18.7 million for the prior 12-month period. For the same period ended June 30, non-GAAP free cash flow totaled $22.9 million, as compared to $15.6 million for the prior.

Other second quarter highlights include:

* U.S. engagement net sales increased 22 percent to $63.9 million.

* U.S. non-engagement net sales increased 11.3 percent to $27 million.

* International net sales increased 19.1 percent to $17.1 million. Excluding the impact from changes in foreign exchange rates, international net sales increased 20.6 percent.

*Gross profit totaled $20.1 million. As a percent of net sales, gross profit was 18.6 percent compared to 18.9 percent for the second quarter of 2012.

* Selling, general and administrative expenses were $16.7 million, compared to $14.9 million in the second quarter of 2012. This figure includes stock-based compensation expense of $1.3 million for the second quarter in 2013 and 2012.

* Earnings per diluted share included stock based compensation expense of $0.07 compared to $0.06 for the second quarter of 2012.

* At the end of the quarter, cash and cash equivalents totaled $47.3 million.

In its financial guidance, Blue Nile said it expects third quarter net sales are expected to be between $96 million and $100 million; and earnings per diluted share to run from $0.13 to $0.17.

For the 2013 fiscal year, net sales are projected to be between $440 million and $470 million; and earnings per diluted share are projected at $0.75 to $0.85.

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Tiffany & Co. CEO Michael Kowalski to Retire; Frederic Cumenal Named as Successor

Michael J. Kowalski

Longtime Tiffany & Co. CEO, Michael J. Kowalski, will retire effective March 31, 2015, the luxury jewelry retailer announced Monday.Frederic Cumenal, Tiffany president, has been tapped to succeed him.

Kowalski, 62, joined Tiffany in 1983, became its in 1999 and assumed the role of chairman of the board in 2003. He will continue to serve on the board in the role of non-executive chairman following his retirement. 

“I am immensely satisfied by what we have accomplished at Tiffany over the past 30 years, and I am confident that the company is superbly positioned for the future,” Kowalski said in a statement. “Frederic Cumenal is ideally suited to succeed me as chief executive officer, and we will continue to work closely together to ensure a seamless transition.”

Cumenal, 54, was named Tiffany’s president in September 2013, with responsibilities for worldwide sales and distribution as well as design, merchandising and marketing functions. At that time he was also appointed to a newly created seat on the Tiffany’s board. Cumenal initially joined Tiffany in March 2011 as an executive vice president with responsibilities for sales and distribution. He will succeed Kowalski on April 1, 2015.

Frederic Cumenal

“This is an extraordinary company with a fantastic heritage and an exciting future,” Cumenal said. “I am deeply honored to be selected as its leader and look forward enthusiastically to capitalizing on the many opportunities ahead.”

Prior to joining Tiffany, Cumenal held senior leadership positions for 15 years in LVMH Group’s wine and spirits businesses, most recently as president and chief executive officer of Moët & Chandon, S.A. He previously served as CEO of Domaine Chandon, and was managing director of Moët Hennessy Europe.

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Signet Replaces CEO for UK Division

Signet Jewelers said Tuesday that Rob Anderson, CEO of Signet's UK division, will leave the company at the end of July. He will be replaced by Sebastian Hobbs who has been promoted to the new position of managing director for the UK division, effective immediately. Hobbs will report to Mike Barnes, Signet CEO.

The Bermuda-based company is the largest specialty retail jeweler in the US and UK with approximately 1,952 stores (1,449 in the US and 503 in the UK). Its retail chains in the US include Kay, Jared and Ultra Diamonds. In the UK, it owns and operates the H.Samuel and Ernest Jones jewelry chains.

“Seb has made important contributions to our UK division and we believe his experience in UK retailing and strategy make him a perfect fit for this role,” Barnes said.

Hobbs joined Signet's UK division as commercial director in March 2011. From November 2006 till March 2011, he was commercial director of Blacks Leisure Group. Prior to this, he was trading controller for WH Smith, a retail consultant for KPMG, and held management positions at Mothercare and British Home Stores.

Signet’s UK division has been struggling since the financial crisis. In its 2013 fiscal year, the division reported that sales fell 0.8 percent to $709.5 million. Same store sales increased 0.3 percent compared to an increase of 0.9 percent in Fiscal 2012. Sales performance was primarily attributed to lower traffic particularly in the fourth quarter.

By contrast, US division sales for the 2013 fiscal year increased 7.9 percent to $3.27 billion. Same store sales increased 4 percent for the year compared to an increase of 11.1 percent in Fiscal 2012.

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Saint Laurent Gets a New CEO

©Hedi Slimane

Francesca Bellettini has been named the new CEO of Yves Saint Laurent. She will take over the top spot at the fashion house on September 1, replacing Paul Deneve, who has taken a position in the high tech industry.

Bellettini is currently an executive director at Bottega Veneta. Both Bottega Veneta and Yves Saint Laurent are owned by Kering, formerly known as PPR, which announced the appointment Tuesday. The French holding company specializes in owning brands in the luxury, sports and lifestyle segments of the apparel and accessories market. Yves Saint Laurent designs apparel and accessories that range from read-to-wear clothing to jewelry. While the brand is best-known to the public as Yves Saint Laurent, Kering had officially changed the brand name in 2012 to Saint Laurent.

“Her experience within the group and in the industry, her expertise and her determination persuaded me of her ability to implement Saint Laurent day-to-day strategy,” said François-Henri Pinault, chairman and CEO of Kering.

Bellettini, an Italian national, joined Bottega Veneta in November 2008 as worldwide merchandising director. She was promoted to worldwide merchandising-communications director in November 2010 and has been responsible for implementing strategic direction for the company, while overseeing all aspects of merchandising, visual display and communication.

She previously was the strategic planning director and associate worldwide merchandising director of Gucci. Prior to Gucci, she was operations manager of Helmut Lang, having previously worked at the Prada Group in 2002 as part of the planning & new business development division. After graduating from Bocconi University in Milan, Bellettini started her career in London as an investment banker, working at Goldman Sachs International, Deutsche Morgan Grenfell, and Compass Partners International.

In addition to the appointment of Bellettini, Yves Saint Laurent creative director, Hedi Slimane, will have added responsibilities that include supervising all strategic projects in a plan to transform and reposition the brand.

“Hedi Slimane has a clear creative vision for Saint Laurent,” Pinault said. “He has successfully rejuvenated and repositioned the brand in line with Yves Saint Laurent’s original message in 1966. This reform project was essential to ensure that Saint Laurent is in step with the times, and to secure its success. Today, the brand is one of the world’s most prominent fashion houses and my ambition is that Saint Laurent is able to realize its considerable long term potential for growth.”

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GIA President Donna Baker Resigns

Donna Baker

Donna M. Baker suddenly resigned as president and CEO of the Gemological Institute of America due to “differing views on the direction of GIA,” according to a statement issued late Thursday from the organization that bills itself as “the world’s foremost authority in gemology.”

Board of Governors Chairwoman, Susan M. Jacques, president and CEO of Borsheims Fine Jewelry and Gifts, will serve as interim president and CEO while the board conducts a search for a new executive.

Tom Moses, senior VP of Laboratory and Research will continue overseeing all of GIA’s global laboratory operations. Bev Hori, VP of Education and chief learning officer, will continue to lead GIA’s gemological and industry education efforts. No other changes in management are anticipated, GIA said in its statement.

Established in 1931, the “Institute,” as it is known, invented the famous 4Cs of Color, Cut, Clarity and Carat Weight in the early 1950s and in 1953, created the International Diamond Grading System that is recognized by virtually every professional jeweler in the world. It is the leading source of knowledge, standards, and education in gems and jewelry with offices and educational facilities throughout the world. Its headquarters is in Carlsbad, Calif.

Baker is only the fifth person and the first woman to lead the organization. She joined GIA in 2001 serving as senior VP and general counsel before being named acting president in May of 2006. The position became permanent in November of the same year.

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Audemars Piguet CEO Abruptly Leaves

Philippe Merk attends Royal Oak 40 Years: From Avant-Garde to Icon at Park Avenue Armory on March 21 in New York City. Photo credit: Jason Kempin/Getty Images North America

Swiss luxury watch brand, Audemars Piguet, put out a brief statement Thursday saying that its CEO, Philippe Merk, is no longer with the company. The board of directors named François-Henry Bennahmias as interim general manager. The company did not say whether it would seek a permanent replacement.

“Due to differences in company strategy, the board of directors and Mr. Philippe Merk, Chief Executive Officer, have decided to terminate their collaboration,” the company said in its statement. “The board appreciates the work accomplished these past years and wishes Mr. Merk continued success in his future endeavors.”

Bennahmias, 48, began his career at Audemars Piguet in 1996 and since 1997 he was assistant marketing and sales manager for Asia-Pacific and Europe.

In 1999 he was promoted to president and CEO of Audemars Piguet (North America Inc.) in New York.

Boucheron’s CEO to Step Down

Jean-Christophe Bedos

Jean-Christophe Bedos, president and CEO of Boucheron has announced his resignation, effective June 10. He led the Parisian luxury jewelry house for seven years. He will be replaced by LVMH executive, Pierre Bouissou, allowing for a smooth transition.

Boucheron is a subsidiary of PPR, the Paris-based retail conglomerate.

“We are glad to welcome Pierre to Boucheron and PPR,” said Alexis Babeau, deputy CEO of PPR Luxury activities. “With Pierre I am confident we have someone with the skills and experience necessary to build on the work done so far and accelerate the positive trends that have already been put in place. For the past seven years, Jean-Christophe Bedos has dedicated himself to returning Boucheron to a position of health and growth. Under his leadership, Boucheron was re-launched on the international stage as one of the world’s most prestigious jewelers. We thank Jean-Christophe for his significant contribution and wish him the very best as he now turns to new challenges. ”

Jean-Christophe Bedos added: "I am proud and delighted to have successfully achieved the objectives that had been set for Boucheron. After seven years, the time has come for me to pursue new challenges.”

Bedos was one of the first persons to appear on the Jewelry News Network. He spoke at the FT Business of Luxury Summit, discussing Boucheron’s leadership role in e-commerce and social media. Among luxury goods companies, Boucheron was a very early adapter to e-commerce, as it began selling its products on line in the late 1990s.

“The web to me … is like a street,” he told the luxury professionals at the conference. "You have the best. You have the worst. You have dirty streets. You have clean streets. You have affluent streets. You have down market streets. And when as much as a street could be, you can find everything. The question is not whether you should be on the street or not. The question is not whether you should be on the Web or not. The question is how you want to be there and how you want to be perceived there.”

Bouissou has extensive experience in brand management and development. He joins PPR from LVMH where he served most recently as managing director of Berluti, a bespoke shoemaker. Prior to Berluti, he served as business unit manager of the beauty and skincare products at Parfums Christian Dior.

Before joining LVMH, Bouissou held various marketing and development roles for Laboratoires Pierre Fabre and L’Oréal. He began his career as International Product Manager for Skincare at Unilever in Paris. A French national, Bouissou earned business degrees from Institut D’Administration des Entreprises (IAE) in Nice and ISA/ HEC (École des Hautes Études Commerciales) in Paris.

PPR owns and operates global brands in several markets distributed in more than 120 countries. In addition to Boucheron, the brands in its luxury group are Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Sergio Rossi, Alexander McQueen and Stella McCartney.

Richemont Announces Leadership Changes at Montblanc and Jaeger-LeCoultre

Lutz Bethge

Lutz Bethge, CEO of luxury brand Montblanc International, will leave the post to serve as non-executive chairman and head of the Supervisory Board of Montblanc. He will be replaced July 1 by Jérôme Lambert, CEO of Jaeger-LeCoultre. Also at that time Daniel Riedo, currently Industrial director of Jaeger-LeCoultre, will become the luxury watch brand’s CEO.

The announcements were made Wednesday by luxury holding company, Richemont, which owns both brands.

In his new position, Bethge will represent Montblanc externally and will be an advisor to the luxury brand on strategic matters. Bethge has spent 23 years in various roles with Montblanc, becoming CEO in 2007. He is credited for moving the luxury brand from a traditional writing instrument manufacturer to a diverse luxury brand, adding watches, leather goods and jewelry to its product line.

“The Maison has been recognized as a legitimate player in the watch business, providing continued and significant growth,” Richemont said in its statement.

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Longtime Jewelers of America CEO to Resign

Matthew A. Runci, president and CEO of Jewelers of America, announced Thursday that he is retiring from the national trade association for businesses serving the fine jewelry retail marketplace after 17 years at the helm. His resignation becomes effective at the end of the year.

“Matt’s contribution to Jewelers of America and its industry leadership role, both nationally and internationally, is immeasurable. In addition to strengthening good governance practices at JA and developing an active and dedicated board of directors, he was instrumental in the formation of the Responsible Jewellery Council and has been involved from the start with the Kimberley Process,” Georgie Gleim, JA board chair, said in a statement. “Our industry owes him a debt of gratitude. His dedication to JA has ensured that a transition to new leadership will be a smooth process, positioning the organization for its future.”

Runci informed the association’s executive committee of his decision on January 6. JA has asked Runci to remain during a transition period and to continue to assist the association with its work in the area of responsible business practices in 2013.

A search committee has been appointed that will commence work shortly, JA said. The association actually began formal succession planning in 2009.

Runci joined JA as President & CEO in 1995. He had previously served as CEO of Manufacturing Jewelers & Suppliers of America, where he held several positions over a 16-year period. Prior to that, he taught international politics, law and foreign policy at the university level.

He holds a PhD in Foreign Affairs from the University of Virginia and a BA in History from Boston College. He is a member of Phi Beta Kappa, the 24 Karat Club of New York City and is a past president of the Boston Jewelers Club.

Runci and his wife, Laraine, reside in Connecticut. They have two children and six grandchildren.

Tiffany President to Resign in 2012

Tiffany & Co. said Wednesday that James E. Quinn will retire in early 2012. Quinn, 58, joined Tiffany in 1986 and has served as president since 2003, responsible for the Company's sales outside the Americas.

Quinn oversees international retail sales in Tiffany stores worldwide, with responsibility for the company’s global expansion strategy, including such notable store openings as the Tiffany store in Beijing, China, in 2002.

“Jim's contributions to Tiffany over his long and illustrious career have been enormous,” said Michael J. Kowalski, chairman and CEO. “In particular, his leadership of the global expansion of the Tiffany & Co. brand has been transformative for the company. Over the past 25 years, few have contributed as much to Tiffany as Jim.”

Tiffany said it has commissioned a search for a senior executive to assume Quinn’s responsibilities for the Asia-Pacific, Japan and Europe regions as well as emerging markets. This individual will report directly to Kowalski as an executive vice president.

From 1992 to 1998 Quinn served as executive vice president, followed by an appointment to vice chairman, a position he held until his appointment as president. He also serves on the board of The Tiffany & Co. Foundation, established in 2000, which supports nonprofit organizations dedicated to the preservation of the arts and environmental conservation.

Prior to joining Tiffany in 1986, Quinn held several financial management positions in the banking field. He earned a bachelor’s degree in communications from Hofstra University and a master’s degree in business administration from Pace University.

An active participant in business and civic organizations, Quinn serves on the board of directors of BNY Hamilton Funds Inc. and Mutual of America Capital Management. He is also chairman of the Fifth Avenue Association, a trustee of the Museum of the City of New York, and serves as chairman of the North American Advisory Board for the University College Dublin, Smurfit School.