Once-sparkling Tiffany has lost its luster

(marketwatch.com) - The turmoil at Tiffany & Co. reached a climax on a Sunday in February, just hours before the launch of a new Super Bowl ad campaign featuring Lady Gaga. Instead of congratulating Chief Executive Frederic Cumenal on his effort to update the face of the 180-year-old jeweler, the board of directors had surprising news - he was out. The Frenchman had been hired two years earlier to boost growth and refresh the company's image. But sales and profits fell two years in a row, and directors grew more concerned when Mr. Cumenal presented a three-year strategic plan in the fall of 2016 that didn't forecast much improvement, according to people familiar with the situation. Tiffany said it wanted a leader who could deliver results faster.