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McGuiness, 45, joined the retailer in 1990 and held a variety of management positions within the finance and merchandising divisions, most recently serving as a senior vice president responsible for worldwide financial functions.
In the new position, which is effective immediately, he will head the accounting and finance departments and will be responsible for Tiffanys investor relations program.
These two executives have both developed first-class finance and operations functions, and I consider this to be a natural progression consistent with the companys continuing organizational development, Tiffany CEO Michael Kowalski said.
Fernandez, who served as Tiffanys CFO since 1989 and will now fill the newly-created roll of chief operating officer, will continue to report to Kowalski, while McGuiness will report to Fernandez.