Kowalski to Replace Chaney as Tiffany Chairman

January 17, 2003

Kowalski to Replace Chaney as Tiffany Chairman

Tiffany Chairman of the Board William R. Chaney,70, will retire Jan. 31 but will continue to serve on Tiffany's Board of Directors. Current Executive Officer Michael J. Kowalski will assume the role of chairman of the board and continue as CEO, according to Tiffany.

Kowalski, 50, joined Tiffany in 1983 and was elected President in 1997. He assumed the CEO position in 1999 when James E. Quinn, 50, was elected president. Quinn joined Tiffany in 1987 and has fulfilled increasing responsibilities for business sales, retail and international sales. Reporting to Quinn as president will continue to be the U.S. retail, business sales, direct marketing and international groups along with the associated store planning function.

Chaney has been chairman since 1984 when he led Tiffany's leveraged buyout, followed by its initial public offering in 1987. "The fundamental strategic vision that Bill Chaney first articulated in 1983 continues to serve Tiffany remarkably well today," Kowalski said in a prepared statement. "Although we will miss his daily leadership greatly, we are confident his strategic vision will endure."

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