Tiffany CEO resigns

Tiffany CEO resigns

NEW YORK

The CEO of Tiffany & Co. has stepped down amid concerns about the jewelry company’s financial performance.

The New York-based retailer announced Sunday that Frederic Cumenal’s departure is effective immediately, and the search has begun for a successor. Cumenal joined Tiffany in 2011 and was named its chief executive officer in April 2015.

Michael Kowalski, chairman of the board of directors and previous CEO of Tiffany, will serve in the interim.

Tiffany’s board said that while Cumenal has helped position the company for success in the long term, it has been “disappointed by recent financial results,” according to a statement by Kowalski.

The company in November reported better-than-expected quarterly profit and revenue. But in January, it said that holiday sales were lower than it anticipated.

Marchers protest Trump’s orders on oil pipelines

los angeles

Hundreds of marchers took to the streets of downtown Los Angeles to demonstrate against President Donald Trump’s executive order fast-tracking the Dakota Access and Keystone XL oil pipelines.

Protesters hoisting signs and chanting slogans gathered Sunday near Pershing Square and began marching about a mile for a rally at the Edward Roybal Federal Building. Police say the gathering has been peaceful and no disruptions or arrests have been reported.

Opponents say the proposed $3.8 billion Dakota Access pipeline threatens the water supply and sacred sites of the Standing Rock Sioux Tribe.

President Trump has said he wants to move forward with Dakota Access and the Keystone XL pipeline, which would connect Canada’s tar sands with Gulf Coast refineries.

Associated Press