Tiffany Stockholders Elect New Board Member; Also Approve Two Other Proposals
New York, N.Y., May 17, 2012 - Tiffany & Co. (NYSE - TIF) today announced that its stockholders elected Robert S. Singer to its Board of Directors. He joins eight incumbent directors who were re-elected. Mr. Singer, 60, has held a variety of senior level corporate positions including that of chief financial officer of Gucci Group NV. Earlier in his career, he was a partner at Coopers & Lybrand, the global accounting firm. He will chair the Board's Audit Committee and replaces J. Thomas Presby who has reached the mandatory retirement age.
Michael J. Kowalski, chairman and chief executive officer, said, "Bob Singer is a valuable addition to our Board, bringing his global perspective about luxury retailing and his expertise in the field of auditing. We express our thanks and appreciation to Tom Presby for the years of guidance and many insights that he contributed to our Board."
At the Annual Meeting, stockholders approved the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm to audit the Company's consolidated financial statements for the fiscal year ending January 31, 2013 and also approved the Company's "Say on Pay" Proposal related to compensation paid to the Company's named executive officers.
Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores in the Americas, Asia-Pacific, Japan and Europe and engages in direct selling through Internet, catalog and business gift operations. For additional information, please visit www.tiffany.com or call our shareholder information line at 800-TIF-0110.
Mark L. Aaron