The CEO of luxury jewellery brand Tiffany & Co, Michael Kowalski, is to retire from his position after three decades at the company.
Kowalski, who has been a member of the company's board of directors since 1995, will continue to serve on the board in the role of non-executive chairman.
The board has named Frederic Cumenal, currently the company's president, to succeed Kowalski as chief executive, effective from 1 April 2015.
Kowalski said: "I am immensely satisfied by what we have accomplished at Tiffany over the past 30 years, and I am confident that the company is superbly positioned for the future. Frederic Cumenal is ideally suited to succeed me as chief executive officer, and we will continue to work closely together to ensure a seamless transition. I look forward to continuing in the role of chairman of the board."
Kowalski joined Tiffany in 1983, before being appointed chief executive officer in 1999.