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Analysts: Tiffany CFO resignation is not an issue
Analysts: Resignation of Tiffany's CFO is surprising but not expected to dent brand
By The Associated Press
November 18, 2013 2:45 PM
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<p><strong><a href="http://www.toptiffanyjewelry.com">tiffany</a></strong> <p><strong><a href="http://www.toptiffanyjewelry.com">tiffany and co outlet</a></strong> <p><strong><a href="http://www.toptiffanyjewelry.com">tiffany outlet</a></strong> The sudden resignation of Tiffany & Co.'s chief financial officer isn't a sign that the luxury jewelry company is in trouble, several Wall Street analysts said Monday. <p><strong><a href="http://www.toptiffanyjewelry.com">tiffany rings</a></strong> Tiffany said in a regulatory filing Friday that CFO Patrick McGuiness is resigning on Nov. 27, just before the busy holiday shopping season kicks off. <p><strong><a href="http://www.toptiffanyjewelry.com">tiffany outlet online</a></strong> Its Chief Operating Officer James Fernandez will step in as temporary CFO. <p><strong><a href="http://www.toptiffanyjewelry.com">cheap tiffany & co jewelry</a></strong> The company will pay McGuiness $899,000 in severance and a portion of his bonus. Tiffany did not say why McGuiness is leaving. <p>"We do not think this announcement serves as any indication whatsoever as to the state of business or the brand," said Stifel Nicolaus analyst David Schick in a note to clients on Friday. <p>Citi analyst Oliver Chen said that McGuiness' resignation surprised him, but he didn't think it was due to accounting concerns or any new pressures on Tiffany. In a note Monday, he said that he expects it will take 3 to 6 months to find a permanent CFO. <p>Tiffany did not immediately respond to an emailed request for comment. <p>Shares of the company added 1 cent to $82.75 in afternoon trading Monday. </p></p> Investment & Company Information
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