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(Bloomberg) -- Tiffany & Co. said Frederic Cumenal has stepped down as chief executive officer, effectively immediately, and that he will be replaced on an interim basis by Chairman Michael Kowalski, himself a former CEO of the jeweler.

In a statement on Sunday, the company also said it’s reiterating the fiscal 2016 financial guidance it issued in a Jan. 17 press release. The company at that time said its holiday season results were lower than expected, hurt by declines in Europe and the Americas as well as security-related disruptions at its New York flagship store next to Trump Tower.

Tiffany and other luxury-goods sellers have been hampered by a drop in tourism following terrorist attacks last year as well as economic and political uncertainties that have restrained spending by their wealthy clientele.

To contact the reporter on this story: Kevin Miller in Chicago at kmiller@bloomberg.net. To contact the editors responsible for this story: Kevin Miller at kmiller@bloomberg.net, Christine Maurus

©2017 Bloomberg L.P.

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