SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 16, 2003
TIFFANY & CO.
(Exact name of Registrant as specified in its charter)
Delaware 1-9494 13-3228013
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification Number)
727 Fifth Avenue, New York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 755-8000
Item 5. Other Events.
On January 16, 2003, Registrant issued the following press release announcing
the election of Michael J. Kowalski as Chairman of Tiffany & Co. upon the
retirement of William R. Chaney:
MICHAEL J. KOWALSKI ELECTED CHAIRMAN OF TIFFANY & CO.
UPON THE RETIREMENT OF WILLIAM R. CHANEY
NEW YORK, January 16, 2003 - Tiffany & Co. (NYSE-TIF) today announced that
William R. Chaney, 70, will retire as Chairman of the Board effective January
31, 2003. He will continue to serve on Tiffany's Board of Directors.
Michael J. Kowalski, 50, will assume the role of Chairman of the Board and
continue as Chief Executive Officer. Mr. Kowalski joined Tiffany in 1983. He was
elected President in 1997 and assumed the Chief Executive Officer position in
1999.
James E. Quinn, 50, was elected President. Mr. Quinn joined Tiffany in 1987 and
has most successfully fulfilled increasing responsibilities for Business Sales,
Retail and International Sales. He was elected Executive Vice President in 1992
and Vice Chairman in 1997. Reporting to Mr. Quinn as President will continue to
be the U.S. Retail, Business Sales, Direct Marketing and International Groups
along with the associated Store Planning function.
Mr. Chaney has served as Chairman since 1984 when he led the Company's leveraged
buyout, followed by its initial public offering in 1987. Under Mr. Chaney's
leadership, Tiffany & Co. has become one of the world's premier luxury brands.
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Mr. Kowalski, commenting upon Mr. Chaney's achievements, said, "The fundamental
strategic vision that Bill Chaney first articulated in 1983 continues to serve
Tiffany remarkably well today. His emphasis on carefully controlled retail store
expansion, his mandate to maintain a singular focus on Tiffany's core categories
of jewelry, watches, and gifts, and his insistence on an uncompromising
commitment to product and service excellence remain at the heart of Tiffany's
extraordinary success. Most importantly, Bill Chaney established a corporate
culture that has focused on creating long-term shareholder value while
simultaneously honoring and enhancing Tiffany's 166-year legacy as one of
America's great business institutions. Although we will miss his daily
leadership greatly, we are confident his strategic vision will endure."
In a statement Mr. Chaney said, "It is a great source of satisfaction and
confidence for me and our Board that Mike Kowalski will now assume the role of
Chairman of the Board along with his current responsibilities as Chief Executive
Officer. During the past twenty years, Mike has served Tiffany & Co. with great
success in a wide variety of responsibilities. During these past four years, he
has lead the Company through a challenging period with great distinction. I
cannot imagine a more capable or more qualified leader of Tiffany & Co. for the
years ahead than Mike Kowalski."
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Tiffany & Co. is the internationally renowned jeweler and specialty retailer.
Sales are made primarily through company-operated TIFFANY & CO. stores and
boutiques in the Americas, Asia-Pacific and Europe. Direct Marketing includes
Tiffany's Business Sales division, Internet and catalog sales. Specialty Retail
primarily includes the retail sales made in Little Switzerland, Inc. stores and
also includes consolidated results from other ventures now or in the future
operated under non-TIFFANY & CO. trademarks or trade names. Additional
information can be found on Tiffany's Web site, www.tiffany.com, and on its
shareholder information line (800) TIF-0110.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TIFFANY & CO.
BY: /s/ Patrick B. Dorsey
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Patrick B. Dorsey
Senior Vice President, Secretary and
General Counsel
Date: January 16, 2003
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