Tiffany's stock slumps after CEO steps down
Shares of Tiffany & Co. slumped 3.2% in premarket trade, after the high-end jewelry retailer said over the weekend that Chief Executive Frederic Cumenal stepped down, effective immediately, after 22 months in the role. Cumenal had joined Tiffany in March 2011 from LVMH Group, and was named CEO as of April 1, 2015. Tiffany's stock has declined 6.6% through Friday with Cumenal as CEO, while online jewelry seller Blue Nile Inc. shares have soared 40.1% over the same time, Signet Jewelers Ltd. shares have plunged 44.7%, the SPDR S&P Retail ETF has tumbled 14.4% and the S&P 500 has climbed 11.5%.
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