Published November 15, 2013
Tiffany (TIF) chief financial officer Patrick McGuiness is resigning on Nov. 27, a day after the jewelry designer reports third-quarter earnings, according to securities filings posted on Friday.
Chief operating officer James Fernandez, who served as Tiffany CFO in 1989 before being promoted to COO in June 2011, will serve as interim CFO until a permanent replacement is found.
Tiffany, which said McGuiness is leaving to “seek employment elsewhere," will pay the departing executive an $899,000 severance to ensure he does not file any future lawsuits against the company related to his employment and termination. There are currently no claims outstanding.
Shares of Tiffany were down about 1.2% to $81.27 in recent trade.