William R. Chaney, 70, retired as chairman of the board of Tiffany & Co. on Jan. 31 but will continue to serve on Tiffany’s board of directors. Elected by the board to replace Chaney was Michael J. Kowalski, 50, who also will continue as chief executive officer of the company. Kowalski, who joined Tiffany in 1983, was elected president in 1997 and assumed the CEO position in 1999.

James E. Quinn, 50, was elected to replace Kowalski as president. He joined Tiffany in 1987 and was named executive vice president in 1992 and vice chairman in 1997. Tiffany’s U.S. Retail, Business Sales, Direct Marketing and International Sales groups, as well as the associated Store Planning section, will continue to report to Quinn.

Chaney has been Tiffany’s chairman since 1984 when he led the company’s leveraged buyout, followed by its initial public offering in 1987. Under his leadership, the international jewelry retailer has become one of the world’s premiere luxury brands.