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Tiffany CEO Cumenal Departs With Kowalski Returning in Interim

"The board is committed to our current core business strategies, but has been disappointed by recent financial results", Kowalski said in a formal statement.

Kowalski will also keep his chairman responsibilities, Tiffany & Co said.

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.

"As such, we remain focused on enhancing the customer experience, increasing the rate of new product introductions and innovation, maximizing marketing effectiveness, optimizing the store network and improving our business operations, all while efficiently managing our capital and costs". We believe these initiatives and the pace of their execution are key to driving shareholder value.

Sunday marked the first time in 20 years that Tiffany featured a commercial during football's glorified evening. Ralph Lauren last week dismissed its CEO founder over the creative future direction of the company. While the company reported a better-than-expected quarterly profit in November, it revealed in January that its ongoing decline in sales had particularly affected its holiday performance. Tiffany also forecast cash from operating activities of $575 million and free cash flow of $125 million. He was promoted to president two years later, and to CEO two years after that.

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

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