Tiffany adding 3 new directors to board in JANA deal

Small BusinessAssociated Press

Tiffany & Co. is naming three new directors to its board as part of a deal with hedge fund JANA Partners as it continues to search for a new CEO.

Frederic Cumenal stepped down as CEO earlier this month amid concerns about the jewelry company's financial performance. Michael Kowalski, chairman of the board of directors and previous CEO of Tiffany, is serving in the interim.

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Under the deal with JANA Partners, the company will add Roger Farah, James Lillie and Francesco Trapani to its board, increasing the size to 13 members.

Trapani is the former CEO of Bulgari and will join Tiffany's CEO search committee. Trapani and JANA own about 5.1 percent of Tiffany's outstanding shares.

Shares of Tiffany climbed $2.28, or 2.6 percent, to $88.49 in Tuesday morning trading.