Tiffany COO and CFO Fernandez plans to retire

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News,Business

NEW YORK (AP) — Tiffany & Co. said Wednesday that James Fernandez, its chief operating officer and chief financial officer, plans to retire in July.

Fernandez, 58, had served as CFO since Patrick McGuiness resigned in November. He had previously served as CFO from 1989 to 2011. Fernandez has been as COO since 2011.

The luxury jewelry company named Ralph Nicoletti as CFO and executive vice president, effective April 2.

Nicoletti, 56, will be responsible for Tiffany's worldwide financial functions and information technology. He most recently served as executive vice president and CFO at health services and insurance company Cigna Corp.

Nicoletti will report to chairman and CEO Michael Kowalski. He will be based at the company's New York headquarters.

Tiffany said that the COO post will be eliminated when Fernandez retires.

Tiffany shares finished at $92.67 on Tuesday.

They are up more than 35 percent since a year ago.

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