Tiffany CEO ousted after two years due to poor sales

Jewellery maker Tiffany & Co has announced it is parting company with its CEO Frédéric Cuménal after only 22 months as weak sales have sent its finances spiralling downward.

The ousting of Cuménal is the latest CEO departure in the retail industry, which has been experiencing a radical transformation away from traditional luxury department stores towards e-commerce outlets.

Cuménal will be temporarily replaced by chairman and former CEO Michael Kowalski while Tiffany searches for a successor.

"The board is committed to our current core business strategies, but has been disappointed by recent financial results. The Board believes that accelerating execution of those strategies is necessary to compete more effectively in today's global luxury market and improve performance." Kowalski said in a statement.

Shares of Tiffany have fallen 9% since Cuménal took over as the head of the company in April 2015.

Its recent earnings report for the last quarter of 2016 showed disappointing results, with the blame placed on disruption at its flagship Manhattan store, which is located next to Trump Tower.

The timing of the announcement was unexpected, as the luxury jewellery-maker revealed the news just hours ahead of Super Bowl Sunday, where it planned to unveil pop star Lady Gaga as the head of its new collection.

"I am proud of what we have accomplished at Tiffany and would like to thank the management team and our many talented employees around the world with whom I have had the pleasure to work," Cuménal said in a statement.

"I have great confidence in Tiffany's brand, strategic direction and people, and I believe the Company will have many exciting opportunities in the future."