UPDATE 2-Tiffany appoints former Bulgari exec Alessandro Bogliolo as CEO

* Bogliolo to join by Oct. 2, to get $1.4 mln base salary

* Bogliolo spent 16 yrs with Bulgari

* Most recently served as Diesel CEO (Adds details, background)

July 13 (Reuters) - Jewelry retailer Tiffany & Co named former Bulgari SpA executive Alessandro Bogliolo as chief executive, months after appointing another executive from the Italian luxury retailer to its board, as part of a deal with hedge fund Jana Partners.

A veteran luxury industry executive who has spent 16 years at Bulgari, Bogliolo most recently served as the chief executive of apparel and accessories company Diesel SpA.

Bogliolo's resume also includes stints as chief operating officer of beauty products chain Sephora and as an executive at consulting firm Bain & Co.

His appointment comes at a time Tiffany is struggling to attract young shoppers who are either spending less on accessories or are turning to chic brands such as Pandora A/S, and Alex and Ani.

In its most recent quarter, Tiffany reported a surprise drop in comparable sales, as weak demand at home as well as a strong dollar crimped spending by tourists.

Bogliolo, 52, is expected to take over as Tiffany's chief executive by Oct. 2, and also join the company's board. He is expected to receive an annual base salary of $1.4 million, according to a regulatory filing.

The appointment comes about five months after the company ousted former Chief Executive Frederic Cumenal after a spate of disappointing results.

After Cumenal's departure, hedge fund Jana Partners revealed a stake in Tiffany and struck a surprise deal to add three directors to its board, including Francesco Trapani, an ex-CEO of Bulgari.

Though Jana's precise plan for the company is not yet clear, its agreement with Tiffany included Trapani being part of the CEO search committee. (Reporting by Siddharth Cavale in Bengaluru; Editing by Shounak Dasgupta)