Roger Farah, an experienced veteran of the luxury retail industry has been elected as the new Chairman of the Board of Directors of Tiffany & Co. effective October 2, 2017, the Company said in a statement. He will take over from Michael J. Kowalski, Chairman since 2002, who will continue as a director.

Farah, 64, has served in leadership roles at Ralph Lauren Corporation, Venator Group, Inc., R.H. Macy & Co., Inc. and Federated Merchandising Services.

In addition, Kowalski, who was currently interim CEO since February 2017, and earlier held the post from 1999 until his retirement effective March 2015,  will relinquish that title when the Company's newly-appointed CEO, Alessandro Bogliolo, joins the Company in October.

Kowalski said, “"Roger has significant experience as a leader in the luxury retail industry, and I and my fellow directors value tremendously his expertise and insight which have been apparent during his time on the Board. With the appointment of Alessandro as our new CEO, and under Roger's leadership on the Board, I believe we are well positioned to execute on strategies to drive comparable store sales growth and stronger earnings growth in the longer-term."