Here are just a few of the interesting executive changes making headlines over this past week:
Tiffany’s CEO Leaves on Short Notice
Famed jeweler Tiffany & Co. has let go CEO Frederic Cumenal quite abruptly after two years of falling revenue and net income for the company. (The recent holiday season was said to be particularly low-performing.) Cumenal’s resignation came, in fact, after less than two years on the job. He had previously held high-level posts at LVMH, another world-class retailer of luxury goods. Tiffany named in his place, on an interim basis, the company’s longtime chairman, Michael Kowalski, who was CEO for a 16-year stretch beginning in 1999.
Teva Also Loses Its Chief Exec
Teva Pharmaceutical, Israel’s largest company and the world’s largest maker of generic drugs, has also seen its CEO, Erez Vigodman, surrender leadership. He was in charge for almost exactly three years, but much of that time was spent dealing with a series of corporate fumbles, including financial scandal, delayed drug launches, and costly acquisitions. Chairman Yitzhak Peterburg has become interim CEO, but first he stepped down from the chair after two years there. Taking Peterburg’s place is director Sol Barer, a former chairman and CEO of biopharmaceutical firm Celgene.
Hasbro Splits President and CEO Posts
Game and toy maker Hasbro named Johnathan Frascotti as its president, subtracting that title from chairman and CEO Brian Goldner. Frascotti advances from the presidency of the Hasbro Brands division and, before that, the chief marketing position. Before coming to Hasbro, he spent several years with Reebok. Goldner was both president and CEO since 2008 and has also held the chairmanship since 2015.
Look for more Executives on the Move next week!
John Willis has been an editor at Hoover’s/Dun & Bradstreet for more than two decades. He mainly polishes up others’ writing but occasionally adds, then edits, his own words in Executive on the Move blog posts.